<SEC-DOCUMENT>0001193125-21-161981.txt : 20210514
<SEC-HEADER>0001193125-21-161981.hdr.sgml : 20210514
<ACCEPTANCE-DATETIME>20210514160229
ACCESSION NUMBER:		0001193125-21-161981
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210514
DATE AS OF CHANGE:		20210514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BORGWARNER INC
		CENTRAL INDEX KEY:			0000908255
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				133404508
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-236478
		FILM NUMBER:		21924431

	BUSINESS ADDRESS:	
		STREET 1:		3850 HAMLIN RD.
		CITY:			AUBURN HILLS
		STATE:			MI
		ZIP:			48326
		BUSINESS PHONE:		2487549200

	MAIL ADDRESS:	
		STREET 1:		3850 HAMLIN RD.
		CITY:			AUBURN HILLS
		STATE:			MI
		ZIP:			48326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BORG WARNER AUTOMOTIVE INC
		DATE OF NAME CHANGE:	19930628
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d425566d424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML><HEAD>
<TITLE>424B5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1.00pt solid #000000"><B>Title of Each Class&nbsp;of<BR>Securities to be Registered</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1.00pt solid #000000"><B>Maximum<BR>Aggregate<BR>Offering Price (1)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1.00pt solid #000000"><B>Amount of<BR>Registration Fee (2)</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.000% Senior Notes due 2031</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1.00pt solid #000000">$1,207,200,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$131,705.52</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The U.S. dollar equivalent of the maximum aggregate offering price has been calculated using an exchange rate
of U.S. $1.2072 per &#128;1.00 as of May&nbsp;12, 2021 per Bloomberg. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This filing is calculated in accordance with Rule 457(r) under the Securities Act of 1933 and relates to the
Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-236478)</FONT> filed by the registrant on February&nbsp;18, 2020. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:71%; font-size:10pt; font-family:Times New Roman"><B>Filed Pursuant to Rule 424(b)(5)<BR>Registration No. 333-236478 </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman"><B>PROSPECTUS SUPPLEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman"><B>(To Prospectus dated February&nbsp;18, 2020) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>&#128;1,000,000,000 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g425566g25s61.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>1.000% Senior Notes due 2031 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:9.5pt; font-family:Times New Roman">We are offering &#128;1,000,000,000 aggregate principal amount of our 1.000% Senior Notes due 2031 (the &#147;Senior Notes&#148;). We will pay
interest on the Senior Notes annually in arrears on May 19 of each year, beginning May 19, 2022. The Senior Notes will mature on May 19, 2031 unless earlier redeemed or repurchased. We may, at our option, redeem the Senior Notes, in whole at any
time or in part from time to time, at the applicable redemption prices described in this prospectus supplement under &#147;Description of the Senior Notes&#151;Redemption at Our Option.&#148; In addition, we may, at our option, redeem the Senior
Notes in whole, but not in part, in the event of certain developments affecting United States taxation as described under the heading &#147;Description of the Senior Notes&#151;Redemption for Tax Reasons.&#148; If we experience a change of control
repurchase event, we may be required to offer to repurchase all of the Senior Notes from holders. The Senior Notes will be issued only in minimum denominations of &#128;100,000 and integral multiples of &#128;1,000 in excess thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:9.5pt; font-family:Times New Roman">The Senior Notes will be our general unsecured and unsubordinated obligations and will rank equally in right of payment with all of our other
existing and future unsecured and unsubordinated obligations. The Senior Notes will be effectively subordinated to any of our existing or future secured debt to the extent of the value of the assets securing such debt and will be structurally
subordinated to all existing and future liabilities and any preferred equity of our subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:9.5pt; font-family:Times New Roman">Currently, there is no public market
for the Senior Notes. We intend to apply to list the Senior Notes on the New York Stock Exchange, although we cannot guarantee such listing will be obtained. If such listing is obtained, we would expect trading in the Senior Notes on the New York
Stock Exchange to begin within 30 days after the original issue date of the Senior Notes. If such listing is obtained, we have no obligation to maintain such listing and may delist the Senior Notes at any time. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:11.5pt; font-family:Times New Roman"><B>Investing in the Senior Notes involves risks. See the discussions contained in Part I, Item&nbsp;1A, &#147;Risk Factors,&#148; in our
Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2020, and in other reports that we file with the Securities and Exchange Commission that are incorporated by reference in this prospectus
supplement and the accompanying prospectus and the section entitled &#147;<A HREF="#srom425566_4">Risk Factors</A>&#148; beginning on page <FONT STYLE="white-space:nowrap">S-7</FONT> of this prospectus supplement. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:9.5pt; font-family:Times New Roman"><B>Neither the Securities and Exchange Commission (the &#147;SEC&#148;) nor any state or other securities commission has approved or
disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Per</B><br><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Public offering price<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98.936</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&#128;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">989,360,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Underwriting discounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.550</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&#128;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:Times New Roman">Proceeds, before expenses, to us<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98.386</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&#128;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">983,860,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman; " ALIGN="left">Plus accrued interest, if any, from May 19, 2021, if settlement occurs after that date. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:9.5pt; font-family:Times New Roman">The Senior Notes are expected to be ready for delivery in book-entry only form through Clearstream Banking S.A. and Euroclear Bank SA/NV. It
is expected that delivery of the Senior Notes will be made on May 19, 2021 which is the fifth London business day following the date of this prospectus supplement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><B><I>Joint
Book-Running Managers </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:16pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:16pt">
<TD VALIGN="bottom"><B>BofA Securities</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Deutsche Bank</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>J.P. Morgan</B></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus supplement is May 12, 2021. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus Supplement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_1">About This Prospectus Supplement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-ii</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_2">Forward-Looking Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">S-v</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_3">Summary</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_4">Risk Factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_5">Currency Conversion</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-12</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_6">Use of Proceeds</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-13</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_7">Capitalization</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-14</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_8">Description of the Senior Notes</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-15</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_9">Material U.S. Federal Income Tax Considerations</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-32</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_10">The Proposed Financial Transactions Tax</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-39</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_11">Underwriting (Conflicts of Interest)</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-40</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_12">Legal Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_13">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_14">Where You Can Find More Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#srom425566_15">Incorporation of Certain Information by Reference</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-48</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_1">About This Prospectus</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_2">Forward-Looking Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_3">About Borgwarner Inc.</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_4">Risk Factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_5">Use of Proceeds</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_6">Description of Securities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_7">Description of Debt Securities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_8">Description of Preferred Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_9">Description of Common Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_10">Description of Depositary Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_11">Description of Warrants</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_12">Description of Units</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_13">Form of Securities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_14">Plan of Distribution</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_15">Legal Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_16">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_17">Where You Can Find More Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_18">Incorporation of Documents by Reference</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should rely only on the information contained or incorporated by reference into this prospectus
supplement, the accompanying prospectus or any free writing prospectus we have authorized. We have not, and the underwriters have not, authorized any other person to provide you with different or additional information. If anyone provides you with
different or additional information, you should not rely on it. You should assume that the information appearing or incorporated by reference into this prospectus supplement and the accompanying prospectus is accurate only as of the respective dates
of those documents in which the information is contained. Our business, financial condition, liquidity, results of operations and prospects may have changed since those dates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_1"></A>ABOUT THIS PROSPECTUS SUPPLEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of the Senior Notes that we
are offering and other matters relating to us and this offering. The second part is the accompanying prospectus, which gives more general information about securities we may offer from time to time, some of which does not apply to the Senior Notes
we are offering. The description of the terms of the Senior Notes in this prospectus supplement supplements, and to the extent inconsistent replaces, the description in the accompanying prospectus under &#147;Description of Debt Securities.&#148;
Generally, when we refer to the prospectus, we are referring to both parts of this document combined. If information in this prospectus supplement differs from information in the accompanying prospectus, you should rely on the information in this
prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as used in &#147;Description of the Senior Notes,&#148; as the context otherwise requires, or as otherwise
specified or used in this prospectus supplement or the accompanying prospectus, the terms &#147;we,&#148; &#147;our,&#148; &#147;us,&#148; &#147;the company,&#148; &#147;BWA&#148; and &#147;BorgWarner&#148; refer to BorgWarner Inc. and its
consolidated subsidiaries. References in this prospectus supplement to &#147;U.S. dollars,&#148; &#147;U.S. $&#148; or &#147;$&#148; are to the currency of the United States of America and references to &#147;euro&#148; and &#147;&#128;&#148; are to
the currency of the member states of the European Economic and Monetary Union that have adopted or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union, as
amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should not consider any information in this prospectus supplement or the accompanying prospectus to be
investment, legal, accounting or tax advice. You should consult your own business advisors, counsel, accountants and other advisors for investment, legal, accounting, tax and related advice regarding your purchase of Senior Notes. We are not making
any representation to you regarding the legality of an investment in the Senior Notes under applicable investment or similar laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You
should read and consider all of the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus before making your investment decision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN CONNECTION WITH THE ISSUE OF THE SENIOR NOTES, DEUTSCHE BANK AG, LONDON BRANCH (IN THIS CAPACITY, THE &#147;STABILIZING MANAGER&#148;) (OR
ANY PERSON ACTING ON ITS BEHALF) MAY OVER-ALLOT SENIOR NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE SENIOR NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, STABILIZATION MAY NOT NECESSARILY
OCCUR. ANY STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE SENIOR NOTES IS MADE, AND, IF BEGUN, MAY CEASE AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS
AFTER THE ISSUE OF THE SENIOR NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE SENIOR NOTES. ANY STABILIZATION ACTION COMMENCED WILL BE CARRIED OUT IN ACCORDANCE WITH APPLICABLE LAWS AND REGULATIONS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes are offered globally for sale only in those jurisdictions in the United States, Europe, Asia and elsewhere where it is lawful
to make such offers. The distribution of this prospectus supplement and the accompanying prospectus and the offering or sale of the Senior Notes in some jurisdictions may be restricted by law. Persons outside the United States who receive this
prospectus supplement and the accompanying prospectus should inform themselves about and observe any applicable restrictions. This prospectus supplement and the accompanying prospectus may not be used for or in connection with an offer or
solicitation by any person in any jurisdiction in which that offer or solicitation is not authorized or to any person to whom it is unlawful to make that offer or solicitation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of this prospectus supplement, the accompanying prospectus or any related free writing prospectus is a prospectus for the purposes of the
European Union&#146;s Regulation (EU) 2017/1129 (as amended). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>PRIIPs Regulation/ Prohibition of sales to EEA retail
investors&#151;</B><B></B>The Senior Notes are not intended to be offered, sold or otherwise made available, and should not be offered, sold or otherwise made available, to any retail investor in the European Economic Area (the &#147;EEA&#148;). For
these purposes, a retail investor means a person who is one (or more of): (i) a retail client as defined in point (11)&nbsp;of Article 4(1) of Directive 2014/65/EU (as amended, &#147;MiFID II&#148;); or (ii)&nbsp;a customer within the meaning of
Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10)&nbsp;of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014 (as
amended, the &#147;PRIIPs Regulation&#148;) for offering or selling the Senior Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Senior Notes or otherwise making them
available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>MiFID II product governance / Professional
investors and ECPs only target market</B>&#151;Solely for the purposes of each manufacturer&#146;s product approval process, the target market assessment in respect of the Senior Notes has led to the conclusion that: (i)&nbsp;the target market for
the Senior Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii)&nbsp;all channels for distribution of the Senior Notes to eligible counterparties and professional clients are appropriate. Any person
subsequently offering, selling or recommending the Senior Notes (a &#147;distributor&#148;) should take into consideration the manufacturers&#146; target market assessment; however, a distributor subject to MiFID II is responsible for undertaking
its own target market assessment in respect of the Senior Notes (by either adopting or refining the manufacturers&#146; target market assessment) and determining appropriate distribution channels. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of this prospectus supplement, the accompanying prospectus or any related free writing prospectus is a prospectus for the purposes of the
European Union&#146;s Regulation (EU) 2017/1129 (as amended) as it forms part of domestic law by virtue of the European Union Withdrawal Act 2018 (as amended, the &#147;EUWA&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>UK PRIIPs Regulation/ Prohibition of sales to UK retail investors&#151;</B><B></B>The Senior Notes are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i)&nbsp;a retail client, as defined
in point (8)&nbsp;of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the EUWA; or (ii)&nbsp;a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the
&#147;FSMA&#148;) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in point (8)&nbsp;of Article 2(1) of Regulation (EU) No
600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended) as it forms part of domestic law by virtue of the EUWA (the &#147;UK PRIIPs
Regulation&#148;) for offering or selling the Senior Notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the Senior Notes or otherwise making them available to any
retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The communication of this prospectus supplement,
the accompanying prospectus, any related free writing prospectus and any other document or materials relating to the issue of the Senior Notes offered hereby is not being made, and such documents and/or materials have not been approved, by an
authorized person for the purposes of section 21 of the FSMA. Accordingly, such documents and/or materials are not being distributed to, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-iii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and must not be passed on to, the general public in the United Kingdom.&nbsp;The communication of such documents and/or materials as a financial promotion is only being made to persons outside
the United Kingdom and those persons in the United Kingdom who have professional experience in matters relating to investments who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &#147;Financial Promotion Order&#148;)), or who fall within Article 49(2)(a) to (d)&nbsp;of the Financial Promotion Order (all such persons together being referred to as
&#147;relevant persons&#148;).&nbsp;In the United Kingdom, the Senior Notes offered hereby are only available to, and any investment or investment activity to which this prospectus supplement, the accompanying prospectus, any related free writing
prospectus or any other document or materials relating to the issue of the Senior Notes offered hereby relates will be engaged in only with, relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on
this prospectus supplement, the accompanying prospectus, any related free writing prospectus or any other document or materials relating to the issue of the Senior Notes offered hereby or any of their contents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>UK MIFIR product governance / Professional investors and ECPs only target market&#151;</B>Solely for the purposes of each
manufacturer&#146;s product approval process, the target market assessment in respect of the Senior Notes has led to the conclusion that: (i)&nbsp;the target market for the Senior Notes is only eligible counterparties, as defined in the FCA Handbook
Conduct of Business Sourcebook (&#147;COBS&#148;), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA (&#147;UK MiFIR&#148;); and (ii)&nbsp;all channels for distribution of the
Senior Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Senior Notes (a &#147;distributor&#148;) should take into consideration the manufacturers&#146; target
market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the &#147;UK MiFIR Product Governance Rules&#148;) is responsible for undertaking its own target market assessment in
respect of the Senior Notes (by either adopting or refining the manufacturers&#146; target market assessment) and determining appropriate distribution channels. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTIFICATION UNDER SECTION 309B(1)(C) OF THE SECURITIES AND FUTURES ACT (CHAPTER 289) OF SINGAPORE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with Section&nbsp;309B of the Securities and Futures Act (Chapter 289) of Singapore (the &#147;SFA&#148;) and the Securities and
Futures (Capital Markets Products) Regulations 2018 (the &#147;CMP Regulations 2018&#148;), we have determined the classification of the Senior Notes as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded
Investment Products (as defined in MAS Notice SFA <FONT STYLE="white-space:nowrap">04-N12:</FONT> Notice on the Sale of Investment Products and MAS Notice <FONT STYLE="white-space:nowrap">FAA-N16:</FONT> Notice on Recommendations on Investment
Products). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-iv </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_2"></A>FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Statements contained or incorporated by reference in this prospectus supplement and the accompanying prospectus may contain forward-looking
statements as contemplated by the 1995 Private Securities Litigation Reform Act, 27A of the U.S. Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and Section&nbsp;21E of the U.S. Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;) that are based on management&#146;s current outlook, expectations, estimates and projections. Words such as &#147;anticipates,&#148; &#147;believes,&#148; &#147;continues,&#148; &#147;could,&#148; &#147;designed,&#148;
&#147;effect,&#148; &#147;estimates,&#148; &#147;evaluates,&#148; &#147;expects,&#148; &#147;forecasts,&#148; &#147;goal,&#148; &#147;guidance,&#148; &#147;initiative,&#148; &#147;intends,&#148; &#147;may,&#148; &#147;outlook,&#148;
&#147;plans,&#148; &#147;potential,&#148; &#147;project,&#148; &#147;predicts,&#148; &#147;pursue,&#148; &#147;seek,&#148; &#147;should,&#148; &#147;target,&#148; &#147;when,&#148; &#147;will,&#148; &#147;would,&#148; and variations of such words
and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions
and expected future developments, as well as other factors we believe are appropriate in the circumstances. Forward-looking statements are not guarantees of performance and the Company&#146;s actual results may differ materially from those
expressed, projected or implied in or by the forward-looking statements. You should not place undue reliance on these forward-looking statements. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to
predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, include, among others: uncertainties
regarding the extent and duration of impacts of matters associated with <FONT STYLE="white-space:nowrap">COVID-19/coronavirus</FONT> <FONT STYLE="white-space:nowrap">(&#147;COVID-19&#148;),</FONT> including additional production disruptions; the
failure to realize the expected benefits of the acquisition of Delphi Technologies PLC that the Company completed on October&nbsp;1, 2020; the failure to promptly and effectively integrate acquired business; the potential for unknown or inestimable
liabilities relating to acquired business; the possibility that the proposed transaction between the Company and AKASOL AG will not be consummated; failure to satisfy any of the conditions to the proposed transaction; failure to realize the expected
benefits of the proposed transaction; our dependences on automotive and truck production, both of which are highly cyclical and subject to disruptions; our reliance on major original equipment manufacturer (&#147;OEM&#148;) customers; commodities
availability and pricing; supply disruptions; fluctuations in interest rates and foreign currency exchange rates; availability of credit; our dependence on key management; our dependence on information systems; the uncertainty of the global economic
environment; the outcome of existing or any future legal proceedings, including litigation with respect to various claims; future changes in laws and regulations, including, by way of example, tariffs,&nbsp;in the countries in which we operate;
impacts from any potential future acquisition or divestiture transaction; and the other risks described in Part I, Item 1A, &#147;Risk Factors,&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended
December&nbsp;31, 2020, and in other reports that we file with the SEC that are incorporated by reference in this prospectus supplement and the accompanying prospectus and beginning on page <FONT STYLE="white-space:nowrap">S-7</FONT> of this
prospectus supplement. We do not undertake any obligation to update any forward-looking statements, except as required by law. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-v </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_3"></A>SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This summary highlights information from this prospectus supplement and the accompanying prospectus. It is not complete and does not
contain all of the information that you should consider before making a decision to invest in our Senior Notes. We encourage you to read this prospectus supplement, the accompanying prospectus and the documents incorporated by reference in their
entirety before making an investment decision, including the information set forth under the heading &#147;Risk Factors.&#148; </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The
Company </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. Our
products help improve vehicle performance, propulsion efficiency, stability and air quality. We manufacture and sell these products worldwide, primarily to original equipment manufacturers, or OEMs, of light vehicles (passenger cars, sport-utility
vehicles, vans and light trucks). Our products are also sold to OEMs of commercial vehicles (medium-duty trucks, heavy-duty trucks and buses) and <FONT STYLE="white-space:nowrap">off-highway</FONT> vehicles (agricultural and construction machinery
and marine applications). We also manufacture and sell our products to certain Tier One vehicle systems suppliers and into the aftermarket for light, commercial and <FONT STYLE="white-space:nowrap">off-highway</FONT> vehicles. We operate
manufacturing facilities serving customers in Europe, the Americas and Asia and are an original equipment supplier to every major automotive OEM in the world. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BorgWarner is a corporation organized under the laws of the State of Delaware. Our principal executive office is located at 3850 Hamlin Road,
Auburn Hills, Michigan 48326, our telephone number is (248) <FONT STYLE="white-space:nowrap">754-9200</FONT> and our website address is borgwarner.com. The information on our website is not incorporated by reference in, and does not form a part of,
this prospectus supplement or the accompanying prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Recent Developments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">364-Day</FONT> Credit Facility </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;19, 2021, the Company entered into a credit facility&nbsp;(the <FONT STYLE="white-space:nowrap">&#147;364-Day</FONT> Credit
Facility&#148;) pursuant to a credit agreement by and among the Company, the various&nbsp;lenders party thereto and&nbsp;Bank of America, N.A., as administrative agent.&nbsp;The <FONT STYLE="white-space:nowrap">364-Day</FONT> Credit Facility
provides for a <FONT STYLE="white-space:nowrap">364-day,</FONT> $900&nbsp;million senior unsecured term loan facility under which all outstanding principal will be due&nbsp;at maturity on February&nbsp;18, 2022.&nbsp;Interest under the <FONT
STYLE="white-space:nowrap">364-Day</FONT> Credit Facility accrues at varying rates based upon the type of borrowing under the Credit Facility and the rating by certain specified rating agencies of the Company&#146;s outstanding unsecured senior
indebtedness as of the applicable date of borrowing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">364-Day</FONT> Credit Facility is intended to
support the Company&#146;s potential financing needs with respect to its proposed acquisition of AKASOL AG (&#147;AKASOL&#148;) and the related voluntary public takeover offer for AKASOL shares. The Company currently anticipates that the proposed
acquisition will be funded primarily with existing cash balances and a portion of the proceeds of this offering. Pursuant to the agreements relating to the proposed acquisition, the Company is required to obtain a confirmation from a securities
services enterprise independent from the Company that the Company and its subsidiary that would effect the proposed acquisition will have sufficient liquidity to fund the completion of the voluntary public takeover offer for the purpose of
satisfying German law requirements relating to the offer. No borrowings were made at the closing of the <FONT STYLE="white-space:nowrap">364-Day</FONT> Facility, and the Company expects the Credit Facility to remain undrawn. The commitments of the
lenders under the <FONT STYLE="white-space:nowrap">364-Day</FONT> Credit Facility will terminate (a)&nbsp;if the proposed acquisition of AKASOL is not consummated and (b)&nbsp;no later than February&nbsp;18, 2022. Outstanding loans under the <FONT
STYLE="white-space:nowrap">364-Day</FONT> Credit Facility, if any, must be mandatorily repaid upon the receipt of proceeds from certain capital markets transactions and from certain asset sales outside the ordinary course of business. </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Electrification Portfolio Strategy </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have deliberately grown our electrification portfolio over time through organic investments and technology focused acquisitions, most
recently through our 2020 purchase of Delphi Technologies as well as our pending acquisition of AKASOL. We believe we are well-positioned for the industry&#146;s anticipated migration to electric vehicles, and we recently announced our plans to
continue to expand our electrification portfolio by allocating more of our R&amp;D investment toward electrification technologies and through incremental technology focused acquisitions. We also announced a plan to dispose of certain internal
combustion assets, targeting dispositions of assets generating approximately $1&nbsp;billion in annual revenue in the next 12 to 18 months and approximately $3 to $4&nbsp;billion in annual revenue by 2025. We estimate that our revenue from products
for pure electric vehicles will be over 25% of our total revenue by 2025 and approximately 45% of our total revenue by 2030. </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Offering </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The summary below describes the principal terms of the Senior Notes. Certain of the terms described below are subject to important
limitations and exceptions. The &#147;Description of the Senior Notes&#148; section of this prospectus supplement and the &#147;Description of Debt Securities&#148; section of the accompanying prospectus contain a more detailed description of the
terms of the Senior Notes. As used in this section, &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer solely to BorgWarner Inc., and not to its consolidated subsidiaries. </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Issuer </B></P></TD>
<TD>BorgWarner Inc. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Legal Entity Identifier (LEI) </B></P></TD>
<TD>549300DSFX2IE88NSX47 </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Notes Offered </B></P></TD>
<TD>&#128;1,000,000,000 aggregate principal amount of 1.000% Senior Notes due 2031. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Maturity </B></P></TD>
<TD>Unless redeemed or repurchased earlier, the Senior Notes will mature on May 19, 2031. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Interest </B></P></TD>
<TD>We will pay interest on the Senior Notes at a rate of 1.000% per year annually in arrears on May 19 of each year, beginning on May 19, 2022. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Currency of Payment </B></P></TD>
<TD>We will make all payments of principal of, premium, if any, and interest on, and additional amounts, if any, with respect to the Senior Notes in euro. However, if the euro is unavailable to us due to the imposition of exchange controls or other
circumstances beyond our control or the euro is no longer used by the member states of the European Economic and Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions within the
international banking community, then we will make all payments in respect of the Senior Notes in U.S. dollars until the euro is again available to us or so used. See &#147;Description of the Senior Notes&#151;Issuance in Euro.&#148;
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Denominations </B></P></TD>
<TD>We will issue the Senior Notes in minimum denominations of &#128;100,000 and integral multiples of &#128;1,000 in excess thereof. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Optional Redemption </B></P></TD>
<TD>We may redeem some or all of the Senior Notes at any time and from time to time at the redemption prices described under &#147;Description of the Senior Notes&#151;Redemption at Our Option.&#148; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Offer to Repurchase Upon Change of Control Repurchase Event </B></P></TD>
<TD>If a change of control repurchase event (as defined below) occurs with respect to the Senior Notes, unless we have previously exercised our right to redeem the Senior Notes, we will make an offer to each holder of the Senior Notes to repurchase
all or any part of that holder&#146;s Senior Notes at a purchase price in cash equal to 101% of the aggregate principal amount of such Senior Notes plus unpaid interest, if any, accrued thereon to, but excluding, the repurchase date. See
&#147;Description of the Senior Notes&#151;Change of Control Repurchase Event.&#148; </TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Additional Amounts </B></P></TD>
<TD>Subject to certain exceptions and limitations set forth herein, we will pay additional amounts on the Senior Notes as are necessary in order that the net payment by us of the principal of, premium, if any, and interest on, and additional
amounts, if any, with respect to the Senior Notes to a holder who is not a United States person, after withholding or deduction for any present or future tax, duty, assessment or governmental charge of whatever nature imposed or levied by the United
States or any taxing authority thereof or therein will not be less than the amount provided in the Senior Notes to be then due and payable. See &#147;Description of the Senior Notes&#151;Payment of Additional Amounts.&#148; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Redemption for Tax Reasons </B></P></TD>
<TD>We may redeem all, but not less than all, of the Senior Notes in the event of certain changes in the tax law of the United States (or any taxing authority thereof or therein) which would obligate us to pay additional amounts as described above.
This redemption would be at a redemption price equal to 100% of the principal amount of the Senior Notes plus unpaid interest, if any, accrued thereon to, but excluding, the redemption date. See &#147;Description of the Senior Notes&#151;Redemption
for Tax Reasons.&#148; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Ranking </B></P></TD>
<TD>The Senior Notes will be our general unsecured and unsubordinated obligations and will rank equally in right of payment with all of our other existing and future unsecured and unsubordinated obligations. The Senior Notes will be effectively
subordinated to any of our existing or future secured debt to the extent of the value of the assets securing such debt and will be structurally subordinated to all existing and future liabilities and any preferred equity of our subsidiaries. See
&#147;Description of the Senior Notes&#151;Ranking.&#148; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">As of March&nbsp;31, 2021, on an unconsolidated basis, we had $3,664&nbsp;million of outstanding indebtedness, none of which was secured, and our subsidiaries collectively had liabilities of $3,104&nbsp;million, in each
case, excluding inter-company indebtedness and trade payables. As of such date, our subsidiaries had no preferred equity outstanding. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Certain Covenants </B></P></TD>
<TD>The indenture governing the Senior Notes will limit our and our subsidiaries&#146; ability to: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">incur indebtedness secured by principal properties or the stock or indebtedness of subsidiaries that own
principal properties; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enter into sale and leaseback transactions; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enter into certain mergers, consolidations and transfers of substantially all of our assets.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">However, these limitations are subject to numerous exceptions. See &#147;Description of Debt Securities&#151;Senior
Debt&#151;Limitation on Liens,&#148; &#147;Description of Debt Securities&#151;Senior Debt&#151;Limitation on Sale/Leaseback Transactions&#148; and &#147;Description of Debt
Securities&#151;</P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
Consolidation, Merger and Sale of Assets&#148; in the accompanying prospectus. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Use of Proceeds </B></P></TD>
<TD>We intend to use the net proceeds from this offering to redeem all &#128;500&nbsp;million in aggregate principal amount of our outstanding 1.800% Senior Notes due 2022 (our &#147;2022 Notes&#148;), which are scheduled to mature in November 2022.
Any remaining proceeds will be used for general corporate purposes, including financing a portion of our previously announced acquisition of AKASOL. See &#147;Use of Proceeds.&#148; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Listing </B></P></TD>
<TD>We intend to apply to list the Senior Notes on the New York Stock Exchange, although we cannot guarantee such listing will be obtained. If such listing is obtained, we would expect trading in the Senior Notes on the New York Stock Exchange to
begin within 30 days after the original issue date of the Senior Notes. If such listing is obtained, we have no obligation to maintain such listing and may delist the Senior Notes at any time. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Book-Entry </B></P></TD>
<TD>The Senior Notes will be issued in book-entry only form and will be represented by one or more global notes deposited with a common depositary on behalf of Clearstream Banking S.A. (&#147;Clearstream&#148;), and Euroclear Bank SA/NV
(&#147;Euroclear&#148;), and registered in the name of the common depositary or its nominee. Beneficial interests in any of the Senior Notes will be shown on, and transfers will be effected only through, records maintained by Clearstream and
Euroclear and their participants, and these beneficial interests may not be exchanged for certificated notes, except in limited circumstances. See &#147;Description of the Senior Notes&#151;Book-Entry Delivery and Settlement.&#148;
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Further Issues </B></P></TD>
<TD>We may, without the consent of the existing holders of the Senior Notes, issue additional debt securities having the same terms as the Senior Notes (other than the issue date, the date from which interest begins to accrue, the initial interest
payment date and, under certain circumstances, the offering price) so that the Senior Notes and the new debt securities form a single series under the indenture governing the Senior Notes. See &#147;Description of the Senior
Notes&#151;General.&#148; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Risk Factors </B></P></TD>
<TD>You should carefully consider the risks described in Part I, Item 1A, &#147;Risk Factors,&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2020, and in other reports that we
file with the SEC that are incorporated by reference in this prospectus supplement and the accompanying prospectus and beginning on page <FONT STYLE="white-space:nowrap">S-7</FONT> of this prospectus supplement, and all of the other information
included or incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Conflicts of Interest </B></P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">We primarily intend to use the net proceeds from this offering to repay to redeem all &#128;500&nbsp;million in aggregate principal amount of our
</P></TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
2022 Notes, as set forth under &#147;Use of Proceeds.&#148; Accordingly, affiliates of certain underwriters may receive at least 5% of the net offering proceeds in connection with any such
redemption. Accordingly, this offering is made in compliance with the requirements of Rule 5121 of Financial Industry Regulatory Authority Inc. (&#147;FINRA&#148;). See &#147;Underwriting (Conflicts of Interest)&#151;Conflicts of Interest.&#148;
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Governing Law </B></P></TD>
<TD>State of New York </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Trustee </B></P></TD>
<TD>Deutsche Bank Trust Company Americas </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Paying Agent, Security Registrar and Transfer Agent </B></P></TD>
<TD>Deutsche Bank Trust Company Americas </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>ISIN / Common Code </B></P></TD>
<TD>XS2343846940&nbsp;/ 234384694 </TD></TR></TABLE>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_4"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>An investment in the Senior Notes involves certain risks. You should carefully review and consider the risks described below, as well as
the risks described in Part I, Item 1A, &#147;Risk Factors,&#148; of our Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> for the year ended December&nbsp;31, 2020, and in other reports that we file with the SEC that are
incorporated by reference in this prospectus supplement and the accompanying prospectus, and all of the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an
investment decision. Our business, financial condition, liquidity, results of operations and prospects could be materially and adversely affected by any of these risks. Our ability to service our debt, including the Senior Notes, and the market
price and liquidity of the Senior Notes could decline due to any of these risks, and you may lose all or part of your investment. Please note that additional risks not presently known to us or that we currently deem immaterial may also materially
and adversely affect us. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to the Senior Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Senior Notes Are Effectively Subordinated to Any Secured Debt and Any Liabilities and Preferred Equity of Our Subsidiaries.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes are our general unsecured and unsubordinated obligations. Accordingly, the Senior Notes will rank senior in right
of payment to any future indebtedness that is expressly subordinated in right of payment to the Senior Notes, equal in right of payment to our existing and future indebtedness that is not subordinated, junior in right of payment to any future
secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future indebtedness and other liabilities and any preferred equity of our subsidiaries. In the event of our
bankruptcy, liquidation, reorganization or other winding up, our assets that secure debt will be available to pay obligations on the Senior Notes only after such secured debt has been repaid in full from these assets. There may not be sufficient
assets remaining to pay any or all amounts due on Senior Notes then outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31, 2021, on an unconsolidated basis,
we had $3,664&nbsp;million of outstanding indebtedness, none of which was secured, and our subsidiaries collectively had liabilities of $3,104&nbsp;million, in each case, excluding inter-company indebtedness and trade payables. As of such date, our
subsidiaries had no preferred equity outstanding. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Senior Notes Are Solely Our Obligations, and a Portion of Our Operations Are
Conducted through, and a Portion of Our Consolidated Assets Are Held by, Our Subsidiaries. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes are solely our
obligations and are not guaranteed by any of our subsidiaries. A portion of our operations are conducted through, and a portion of our consolidated assets are held by, our subsidiaries. Accordingly, our ability to service our debt, including the
Senior Notes, depends partially on the results of operations of our subsidiaries and upon the ability of such subsidiaries to provide us with cash, whether in the form of dividends, loans or otherwise, to pay amounts due on our obligations,
including the Senior Notes. Our subsidiaries are separate and distinct legal entities and have no obligation, contingent or otherwise, to make payments on the Senior Notes or to make any funds available for that purpose. In addition, dividends,
loans or other distributions to us from such subsidiaries may be subject to contractual and other restrictions and are subject to other business considerations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Failure to Remain in Compliance with the Covenants in Our Multi-Currency Revolving Credit Facility and the <FONT
STYLE="white-space:nowrap">364-Day</FONT> Credit Facility May Result in an Event of Default. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our multi-currency revolving credit
facility and the <FONT STYLE="white-space:nowrap">364-Day</FONT> Credit Facility contain covenants that we believe are customary for such credit facilities, including requiring us to meet a gross indebtedness to EBITDA test. Our ability to borrow
under our multi-currency revolving credit facility and the <FONT STYLE="white-space:nowrap">364-Day</FONT> Credit Facility will </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
depend upon satisfaction of these covenants. Events beyond our control can affect our ability to meet those covenants. In particular, our multi-currency revolving credit facility contains
covenants restricting our ability to, among other things: (i)&nbsp;create, incur or assume additional debt (including hedging arrangements), (ii) incur liens or engage in sale/leaseback transactions, (iii)&nbsp;make loans and investments,
(iv)&nbsp;guarantee obligations, (v)&nbsp;engage in certain mergers, acquisitions and asset sales and (vi)&nbsp;change the nature of our business and the business conducted by our subsidiaries. We are also required to comply with financial covenants
with respect to a maximum leverage ratio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are unable to meet the terms of our financial or other covenants, or if we breach any of
these covenants, a default could occur under our multi-currency revolving credit facility and the <FONT STYLE="white-space:nowrap">364-Day</FONT> Credit Facility. A default, if not waived by our lenders, could result in the acceleration of our
borrowings thereunder and other outstanding indebtedness, including the Senior Notes, and cause our debt to become immediately due and payable. In addition, our ability to further access borrowings under the multi-currency revolving facility, and
potentially other facilities, would cease. If acceleration occurs, we may not be able to repay our debt and may not be able to obtain sufficient funds to refinance our debt. Even if new financing is offered to us, it may not be on terms acceptable
to us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Holders of our Existing Indebtedness May Have Superior Rights Under Certain Circumstances. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31, 2021, the Company had approximately $3.7&nbsp;billion of senior notes outstanding (the &#147;outstanding
notes&#148;).&nbsp;The events of default with respect to certain of the outstanding notes under the indenture include a default on any of our indebtedness which default results in the acceleration of such indebtedness in an amount in excess of
$25&nbsp;million without such indebtedness having been discharged or the acceleration having been cured, waived, rescinded or annulled for a period of 30&nbsp;days after written notice to us of such default. The supplemental indenture governing the
Senior Notes offered hereby contains a similar event of default but with respect to indebtedness in an amount in excess of $150&nbsp;million. As a result, if an acceleration of indebtedness above $25&nbsp;million but less than $150&nbsp;million
occurs, the holders of the Senior Notes offered hereby will not have the right to accelerate the maturity of their Senior Notes even though the holders of certain of our outstanding notes will have that right. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Senior Notes Do Not Restrict Our Ability to Incur Additional Debt or Prohibit Us from Taking Other Action That Could Negatively
Impact Holders of the Senior Notes. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are not restricted under the terms of the indenture or the Senior Notes from incurring
additional indebtedness. The terms of the indenture limit our ability to incur indebtedness secured by principal properties or the stock or indebtedness of subsidiaries that own principal properties, to enter into sale and leaseback transactions and
to enter into certain mergers or consolidations and to transfer substantially all of our assets. However, these limitations are subject to numerous exceptions. In addition, the Senior Notes do not require us to achieve or maintain any minimum
financial results relating to our financial condition, liquidity or results of operations. Our ability to recapitalize, incur additional debt, secure existing or future debt with assets other than principal properties, or take a number of other
actions that are not limited by the terms of the indenture and the Senior Notes, including repurchasing subordinated indebtedness or common stock or paying dividends or making other distributions to our stockholders, could have the effect of
diminishing our ability to make payments on the Senior Notes when due, causing a decline in the market price or liquidity of your Senior Notes and increasing the risk that the credit rating(s) of the Senior Notes is lowered, placed on negative
outlook or watch or withdrawn. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We May Redeem the Senior Notes When Prevailing Interest Rates Are Relatively Low. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have the right to redeem some or all of the Senior Notes in whole at any time or in part from time to time. We also have the right to redeem
the Senior Notes in whole upon the occurrence of certain changes in the tax law of the United States (or any taxing authority thereof or therein). We may exercise any such redemption when prevailing interest rates are lower than the rate borne by
the Senior Notes. If prevailing rates are lower at </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the time of redemption, you would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Senior Notes. Our
redemption right also may adversely affect your ability to sell your Senior Notes as the date fixed for any redemption approaches. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We May Not Have Sufficient Cash to Repurchase the Senior Notes upon the Occurrence of a &#147;Change of Control Repurchase Event.&#148;
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may be required to offer to repurchase all of the Senior Notes upon the occurrence of a change of control repurchase event. We
may not, however, have sufficient cash at that time or have the ability to arrange necessary financing on acceptable terms to repurchase all of the Senior Notes under such circumstances. If we are unable to repurchase all of the Senior Notes upon
the occurrence of a change of control repurchase event, it would result in an event of default under the indenture governing the Senior Notes. A default under the indenture could also lead to a default under the agreements governing our existing or
future debt. If the repayment of the related debt were to be accelerated after any applicable notice or grace periods, we may not have sufficient funds to repay all such debt and repurchase the Senior Notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Financial Performance and Other Factors Could Adversely Impact Our Ability to Make Payments on the Senior Notes. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ability to make scheduled payments with respect to our debt, including the Senior Notes, will depend on our financial and operating
performance, which, in turn, is subject to prevailing economic conditions and to financial, business and other factors beyond our control. Our historical financial results have been, and we anticipate that our future financial results will be,
subject to fluctuations. We cannot assure you that our business will generate sufficient cash flow from our operations or that future financing will be available to us in an amount sufficient to enable us to service our debt, including the Senior
Notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>An Investment in the Senior Notes By a Purchaser Whose Home Currency Is Not The Euro Entails Significant Risks. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An investment in debt securities which are denominated and payable in a currency other than the currency of the country in which the purchaser
is resident or the currency in which the purchaser primarily conducts its business or activities (in each case, the &#147;home currency&#148;) entails significant risks not associated with debt securities denominated and payable in the home
currency. Accordingly, an investment in the Senior Notes by a purchaser whose home currency is not euro entails significant risks. These risks include the possibility of significant changes in rates of exchange between the holder&#146;s home
currency and the euro and the possibility of the imposition or subsequent modification of foreign exchange controls. These risks generally depend on factors over which we have no control, such as economic, financial and political events and the
supply of and demand for the relevant currencies. In recent years, rates of exchange between euro and certain currencies have been highly volatile, and each holder should be aware that such volatility may occur in the future. Fluctuations in any
particular exchange rate that have occurred in the past, however, are not necessarily indicative of fluctuations in the rate that may occur during the term of the Senior Notes. Depreciation of the euro against the holder&#146;s home currency would
result in a decrease in the effective yield of the Senior Notes below its coupon rate and, in certain circumstances, could result in a loss to the holder. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If, as Permitted by the Senior Notes, We Make Payments in U.S. Dollars, You Will Be Exposed to Significant Risks If Your Home Currency
Is Not U.S. Dollars. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our
control or the euro is no longer used by the member states of the European Economic and Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions within the international banking
community, then the terms of the Senior Notes require that all payments in respect of the Senior Notes will be made in U.S. dollars until euro is again available to us or so used. The amount payable on
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
any date in euro will be converted into U.S. dollars on the basis of the Market Exchange Rate (as defined below) for euro on the second Business Day (as defined below) before that payment is due
or, if such Market Exchange Rate is not then available, on the basis of the Market Exchange Rate most recently available prior to such second Business Day. See &#147;Description of the Senior Notes&#151;Issuance in Euro.&#148; Any payment in respect
of the Senior Notes so made in U.S. dollars will not constitute an event of default under the indenture governing the Senior Notes. If your home currency is not U.S. dollars, any such payment will expose you to the significant risks described above
under &#147;&#151;An Investment in the Senior Notes By a Purchaser Whose Home Currency Is Not the Euro Entails Significant Risks.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>In a Lawsuit for Payment on the Senior Notes, a Noteholder May Bear Currency Exchange Risk. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes will be governed by, and construed in accordance with, the laws of the State of New York. Under New York law, a New York state
court rendering a judgment on the Senior Notes would be required to render the judgment in euro. However, the judgment would be converted into U.S. dollars at the exchange rate prevailing on the date of entry of the judgment. Consequently, in a
lawsuit for payment on the Senior Notes, investors would bear currency exchange risk until a New York state court judgment is satisfied, which could be a long time. A Federal court sitting in New York with diversity jurisdiction over a dispute
arising in connection with the Senior Notes would apply the foregoing New York law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In courts outside of New York, noteholders may not be
able to obtain a judgment in a currency other than U.S. dollars. For example, a judgment for money in an action based on the Senior Notes in many other U.S. federal or state courts ordinarily would be enforced in the United States only in U.S.
dollars. The date used to determine the rate of conversion of euro into U.S. dollars would depend upon various factors, including which court renders the judgment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Trading Market for the Senior Notes May Be Limited. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes are a new issue of securities for which no established trading market exists. Although we intend to apply to list the Senior
Notes on the New York Stock Exchange, no assurance can be given that we will be able to list the Senior Notes. Even if the Senior Notes are listed, no assurance can be given that an active trading market for the Senior Notes will develop or be
maintained. If an active trading market does not develop or is not maintained for the Senior Notes, noteholders may not be able to resell them at a particular time at all or at prices acceptable to them. Although the underwriters for this offering
have advised us that they intend to make a market in the Senior Notes after completion of this offering, they are not obligated to do so and may discontinue market making at any time. The liquidity of any trading market for, and future trading
prices of, the Senior Notes will depend on many factors, including, among other things, the number of holders of the Senior Notes, our financial condition, liquidity, results of operations and prospects, prevailing interest rates, changes in our
credit rating or outlook, the market for similar securities and the overall securities market, and may be adversely affected by unfavorable changes in these factors. Therefore, no assurance can be given as to the liquidity of any trading market for
the Senior Notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Noteholders Are Exposed to the Consequences of Denomination of a Minimum Specified Denomination Plus a Higher
Integral Multiple. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes will be issued in minimum denominations of &#128;100,000 and integral multiples of &#128;1,000
in excess thereof. As is the case with any issue of debt securities that have a denomination consisting of a minimum specified denomination plus a higher integral multiple of another smaller amount, it is possible that the Senior Notes may be traded
in amounts in excess of &#128;100,000 that are not integral multiples of &#128;100,000. In such a case, a noteholder who, as a result of trading such amounts, holds a principal amount of less than the minimum specified denomination in its account
with the participant to whose account the noteholder&#146;s interest in the Senior Notes is credited at the relevant time may not receive a certificated Senior Note in respect of such holding (should certificated Senior Notes be printed) and would
need to purchase a principal amount of Senior Notes such that its holding amounts to at least the minimum specified denomination. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Ratings of the Senior Notes May Not Reflect All Risks of an Investment in the Senior
Notes. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect that the Senior Notes will be rated initially by at least one nationally recognized statistical rating
organization. The ratings of our Senior Notes will primarily reflect our financial strength and will change in accordance with the rating of our financial strength. Any rating is not a recommendation to purchase, sell or hold any particular
security, including the Senior Notes. These ratings do not comment as to market prices or suitability for a particular investor. The ratings of the Senior Notes may not reflect the potential impact of all risks related to structure and other factors
on any trading market for, or market prices of, your Senior Notes. In addition, ratings at any time may be lowered, placed on negative outlook or watch or withdrawn in their entirety. Any ratings downgrade could increase our cost of borrowing or
require certain actions to be performed to rectify such a situation. The reduction, suspension or withdrawal of the ratings of the Senior Notes by any of the rating agencies will not, in and of itself, constitute an event of default under the
Indenture (as defined herein) governing the Senior Notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Management Will Have Broad Discretion in Allocating the Net Proceeds
of This Offering. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our management has significant flexibility in applying the net proceeds we expect to receive in this offering.
We intend to use the net proceeds from this offering to redeem our 2022 Notes and for general corporate purposes, which may include financing for our previously announced acquisitions. Because the net proceeds are not required to be allocated to any
specific investment or transaction, you cannot determine at this time the value or propriety of our application of the proceeds, and you may not agree with our decisions. In addition, our use of the proceeds from this offering may not yield a
significant return or any return at all. The failure by our management to apply these funds effectively could have a negative impact on our business, results of operations, liquidity, financial condition or prospects. See &#147;Use of
Proceeds.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>An Increase in Market Interest Rates Will Likely Result in a Decrease in the Market Price of the Senior Notes.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, as market interest rates rise, debt securities bearing interest at a fixed rate generally decline in value.
Consequently, if you purchase Senior Notes and market interest rates increase, the market price of the Senior Notes will likely decline. We cannot predict the future level of market interest rates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If You Are Able to Resell Your Senior Notes, Many Other Factors May Affect the Price You Receive, Which May Be Lower than You Believe to
be Appropriate. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are able to resell your Senior Notes, the price you receive will depend on many other factors that may vary
over time, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our historical and anticipated results of operations, liquidity and financial condition; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">analysts&#146; expectations of our future results of operations, liquidity or financial condition or the
prospects for our industry in general; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the amount of debt we have outstanding; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the market for similar securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">market interest rates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the liquidity of the market in which the Senior Notes trade; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the redemption and repayment features of the Senior Notes; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the time remaining to maturity of the Senior Notes. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of these factors, you may not be able to sell your Senior Notes at a particular time at all or may only be able to sell your
Senior Notes at a price below that which you believe to be appropriate, including the price you paid for them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_5"></A>CURRENCY CONVERSION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Principal of, premium, if any, and interest on, and additional amounts, if any, with respect to the Senior Notes will be payable in euro.
However, if the euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or the euro is no longer used by the member states of the European Economic and Monetary Union that have adopted the euro
as their currency or for the settlement of transactions by public institutions within the international banking community, then all payments in respect of the Senior Notes will be made in U.S. dollars until euro is again available to us or so used.
The amount payable on any date in euro will be converted into U.S. dollars on the basis of the Market Exchange Rate for euro on the second Business Day before that payment is due or, if such Market Exchange Rate is not then available, on the basis
of the Market Exchange Rate most recently available prior to such second Business Day, in each case as calculated by us, which calculation shall be final absent demonstrable error. See &#147;Description of the Senior Notes&#151;Issuance in
Euro.&#148; Any payment in respect of the Senior Notes so made in U.S. dollars will not constitute an event of default under the indenture governing the Senior Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investors will be subject to foreign exchange risks as to payments of principal of, premium, if any, and interest on, and additional amounts,
if any, with respect to the Senior Notes that may have important economic and tax consequences to them. See &#147;Risk Factors.&#148; You should consult your own financial and legal advisors as to the risks involved in an investment in the Senior
Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May 7, 2021, the noon buying rate in New York City for cable transfers as announced by the United States Federal Reserve Board
was &#128;1.00/U.S. $1.2165. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any information provided in this prospectus supplement concerning exchange rates is provided as a matter of
information only and you should not regard it as indicative of the range of or trends in fluctuations in currency exchange rates that may occur in the future. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_6"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We estimate the net proceeds to us from the sale of the Senior Notes will be approximately &#128;981&nbsp;million, or $1.194&nbsp;billion,
based on the noon buying rate in New York City for cable transfers as announced by the United States Federal Reserve Board as of May 7, 2021, after deducting the underwriting discount and offering expenses payable by us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to use the net proceeds from this offering to redeem all &#128;500&nbsp;million in aggregate principal amount of our outstanding
2022 Notes, which are scheduled to mature in November 2022. Any remaining proceeds will be used for general corporate purposes, including financing a portion of our previously announced acquisition of AKASOL. See &#147;Summary&#151;Recent
Developments.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Affiliates of certain of the underwriters hold a portion of our 2022 Notes and will receive a portion of the net
proceeds from the sale of the Senior Notes in connection with the redemption of our 2022 Notes. See &#147;Underwriting (Conflicts of Interest).&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_7"></A>CAPITALIZATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth, as of March&nbsp;31, 2021 our consolidated cash and cash equivalents, short-term debt and total long-term debt
and equity on an actual basis and as adjusted to give effect to the sale of the Senior Notes and the redemption of the 2022 Notes. You should read this table in conjunction with our December&nbsp;31, 2020 audited consolidated financial statements
and related notes and March&nbsp;31, 2021 unaudited condensed consolidated financial statements and related notes which are incorporated by reference in this prospectus supplement and the accompanying prospectus. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of March&nbsp;31, 2021</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Actual</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As<BR>Adjusted</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash and cash equivalents</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,755</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,329</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Notes payable and other short-term debt</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Long-term debt:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">% Senior Notes due offered hereby<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,194</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total long-term debt, net of current portion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,708</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capital in excess of par value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retained earnings<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,321</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated other comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(736</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(758</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common stock held in treasury, at cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,810</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,810</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total BorgWarner Inc. stockholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,619</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total long-term debt and equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The amount in the &#147;As Adjusted&#148; column of the above table is the U.S. dollar equivalent of the
aggregate principal amount of the Senior Notes offered hereby based on the noon buying rate in New York City for cable transfers as announced by the United States Federal Reserve Board of &#128;1.00 = U.S. $1.2165 on May&nbsp;7, 2021.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As a result of our intended redemption of all of the 2022 Notes with a portion of the net proceeds of this
offering, we expect to incur <FONT STYLE="white-space:nowrap">non-cash,</FONT> early debt retirement charges of approximately $1&nbsp;million, after tax benefit, and a charge of approximately $12&nbsp;million, after tax benefit, related to the
&#147;make-whole&#148; premium of approximately $15&nbsp;million included in the cash redemption price. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_8"></A>DESCRIPTION OF THE SENIOR NOTES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Set forth below is a description of the specific terms of the Senior Notes. This description supplements, and should be read together with,
the description of the general terms and provisions of the Senior Notes, some of which may not apply to this offering, set forth in the accompanying prospectus under the caption &#147;Description of Debt Securities.&#148; The following description
does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the description in the accompanying prospectus and the Senior Note Indenture dated as of September&nbsp;23, 1999, as supplemented (the
&#147;Indenture&#148;), between BorgWarner Automotive, Inc. and The Bank of New York Mellon Trust Company, N.A. (successor in interest to The Chase Manhattan Trust Company, National Association), as original trustee. Deutsche Bank Trust Company
Americas will serve as trustee with respect to the Senior Notes pursuant to the Eighth Supplemental Indenture to the Indenture. The Indenture has been qualified as an indenture under the Trust Indenture Act of 1939, as amended (the &#147;Trust
Indenture Act&#148;). The terms of the Indenture are those provided therein and those made a part of the Indenture by the Trust Indenture Act. The Senior Notes will constitute debt securities under the Indenture as described in the accompanying
prospectus. In addition to the Senior Notes, we may issue, from time to time, other series of debt securities under the Indenture. Such other series will be separate from and independent of the Senior Notes. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes will initially
be limited to an aggregate principal amount of &#128;1,000,000,000. The Indenture does not limit the aggregate principal amount of notes that we may issue thereunder and provides that we may, from time to time, without giving notice to or seeking
the consent of the existing holders of the Senior Notes, issue additional debt securities. Any new notes issued under the Indenture will have the same terms as the Senior Notes (other than the issue date, date from which interest begins to accrue,
initial interest payment date and, under certain circumstances, the offering price) so that the Senior Notes and the new debt securities form a single series under the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The entire principal amount of the Senior Notes will mature and become payable, together with accrued and unpaid interest, on May 19, 2031
(the &#147;Stated Maturity Date&#148;) unless redeemed or repurchased earlier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes will not be subject to any sinking fund
provisions and will not be convertible into or exchangeable for any of our equity interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes will be issued in the form
of one or more global notes in fully registered form in minimum denominations of &#128;100,000 and integral multiples of &#128;1,000 in excess thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notices to holders of the Senior Notes will be delivered or mailed to the registered holders, subject to the provisions herein and in the
Indenture. Any notice shall be deemed to have been given on the date when sent. Notwithstanding any other provisions herein, so long as the Senior Notes are represented by one or more global notes deposited with a common depositary on behalf of
Clearstream and Euroclear, notices to and from holders of the Senior Notes may be given by delivery to Clearstream and Euroclear in accordance with their standard procedures, and such notices shall be deemed to be given on the date of delivery of
such notices to Clearstream and Euroclear. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal and Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes will bear interest at 1.000% per year from May 19, 2021 or from the immediately preceding interest payment date to which
interest has been paid. Interest will be payable annually in arrears on May 19 of each year, commencing May 19, 2022 (each, an &#147;Interest Payment Date&#148;). Interest on an Interest Payment Date will be paid to the persons, or
&#147;holders,&#148; in whose names the Senior Notes are registered on the security register at the close of business on the regular record date. The regular record date will be the fifteenth calendar day, whether or not a Business Day, immediately
preceding the related Interest Payment Date. Interest on the Senior Notes will be computed on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Markets Association) day count convention. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal of each Senior Note payable at maturity or upon earlier redemption or
repurchase will be paid against presentation and surrender of such Senior Note at the office or agency maintained for such purpose, initially the corporate trust office of Deutsche Bank Trust Company Americas, located at 60 Wall Street, Trust and
Agency Services, 24<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10005, in euro. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any Interest
Payment Date, the Stated Maturity Date or any earlier date of redemption or repurchase falls on a day that is not a Business Day, the required payment will be made on the next Business Day as if it were made on the date the payment was due and no
interest will accrue on the amount so payable for the period from and after that Interest Payment Date, the Stated Maturity Date or such date of redemption or repurchase, as the case may be. For purposes of the Senior Notes, &#147;Business Day&#148;
means any day, other than a Saturday or Sunday, (1)&nbsp;which is not a day on which banking institutions in The City of New York, London or Frankfurt are authorized or required by law, regulation or executive order to close and (2)&nbsp;on which
the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary contained herein, installments of interest on Senior Notes that are due and payable on an Interest
Payment Date falling on or prior to a redemption or repurchase date will be payable on such Interest Payment Date to the holders thereof as of the close of business on the regular record date for such Interest Payment Date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issuance in Euro </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Initial holders will be
required to pay for the Senior Notes in euro, and principal of, premium, if any, and interest on, and additional amounts, if any, with respect to the Senior Notes will be payable in euro. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or the euro is no longer
used by the member states of the European Economic and Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions within the international banking community, then all payments in respect
of the Senior Notes will be made in U.S. dollars until euro is again available to us or so used. The amount payable on any date in euro will be converted to U.S. dollars on the basis of the Market Exchange Rate on the second Business Day before that
payment is due, or if such Market Exchange Rate is not then available, on the basis of the Market Exchange Rate most recently available prior to such second Business Day. Any payment in respect of the Senior Notes so made in U.S. dollars will not
constitute an event of default under the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Market Exchange Rate&#148; means the noon buying rate in The City of New York
for cable transfers of euro as certified for customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ranking </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes will be our
general unsecured and unsubordinated obligations and will rank equally in priority with all of our other unsecured and unsubordinated obligations. The Indenture contains no restrictions on the amount of additional indebtedness that we may incur. The
Senior Notes will be effectively subordinated to any of our existing or future secured debt to the extent of the value of the assets securing such debt and will be structurally subordinated to all existing and future liabilities and any preferred
equity of our subsidiaries. As of March&nbsp;31, 2021, on an unconsolidated basis, we had $3,664&nbsp;million of outstanding indebtedness, none of which was secured, and our subsidiaries collectively had liabilities of $3,104&nbsp;million, in each
case, excluding inter-company indebtedness and trade payables. As of such date, our subsidiaries had no preferred equity outstanding. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Redemption at
Our Option </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may redeem the Senior Notes at our option at any time, in whole or from time to time in part, at a redemption price (the
&#147;Optional Redemption Price&#148;) set forth in this paragraph. If a redemption occurs at any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
time prior to February 19, 2031 (the date that is three months prior to the maturity date of the Senior Notes) (the &#147;Par Call Date&#148;), then the Optional Redemption Price will equal the
sum of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">100% of the principal amount of the Senior Notes being redeemed plus unpaid interest, if any, accrued thereon to,
but excluding, the redemption date; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Make-Whole Amount (as defined below), if any, with respect to such Senior Notes. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Senior Notes are redeemed on or after the Par Call Date, the Optional Redemption Price will equal 100% of the principal amount of the Senior Notes
being redeemed plus unpaid interest, if any, accrued thereon to, but excluding, the redemption date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we have given notice of
redemption as provided in the Indenture, and have made funds available on the redemption date referred to in the notice for the redemption, subject to any conditions precedent as contemplated below, the Senior Notes called for redemption will cease
to bear interest on the redemption date and the holders of those Senior Notes from and after the redemption date will be entitled to receive only the payment of the Optional Redemption Price upon surrender of the Senior Notes in accordance with the
notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will give notice of any optional redemption to holders of Senior Notes, at their addresses, as shown in the security register
for the Senior Notes, not more than 60 nor less than 10 days prior to the redemption date. The notice of redemption will specify, among other items, the Optional Redemption Price and the principal amount of the Senior Notes held by the holder to be
redeemed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notice of any redemption of Senior Notes may, at our discretion, be given subject to one or more conditions precedent,
including, but not limited to, completion of a corporate transaction that is pending (such as an equity or equity-linked offering, an incurrence of indebtedness or an acquisition or other strategic transaction involving a change of control in us or
another entity). If such redemption is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied or otherwise waived on or prior to the business day immediately preceding the relevant redemption date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will notify holders
of any such rescission as soon as practicable after we determine that such conditions precedent will not be able to be satisfied or we are not able or willing to waive such conditions precedent. Once notice of redemption is mailed or sent, subject
to the satisfaction of any conditions precedent provided in the notice of redemption, the Senior Notes called for redemption will become due and payable on the redemption date and at the applicable redemption price as set forth above under
&#147;&#151;Optional Redemption.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we choose to redeem less than all of the Senior Notes, we will notify the trustee in writing at
least 25 days prior to giving notice of redemption, or a shorter period as may be satisfactory to the trustee, of the aggregate principal amount of Senior Notes to be redeemed and their redemption date. The trustee will select, in accordance with
its customary procedures, the Senior Notes to be redeemed in part, which, in the case of Senior Notes in book-entry form, will be in accordance with the procedures of any applicable depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this prospectus supplement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Make-Whole Amount&#148; means, in connection with any optional redemption of the Senior Notes, the excess, if any, of: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the aggregate present value as of the date of redemption of each euro of principal being redeemed and the amount
of interest, excluding unpaid interest, if any, accrued thereon to, but excluding, the date of redemption that would have been payable in respect of each euro if the redemption payment had not been made (determined by discounting, on an annual basis
(ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Markets Association)), the principal and interest at the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
Reinvestment Rate, from the respective dates on which the principal and interest would have been payable if the redemption payment had not been made, to the date of redemption), over
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the aggregate principal amount of the Senior Notes being redeemed. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Reinvestment Rate&#148; means the Comparable Government Bond Rate (as defined below) plus 0.20%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Comparable Government Bond Rate&#148; means the rate equal to the gross redemption yield (rounded to three decimal places, 0.0005 being
rounded upwards) of the Comparable Government Bond (as defined below) on the third Business Day prior to the date fixed for redemption, calculated on the basis of the middle market price of the Comparable Government Bond (as defined below)
prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment bank selected by us in accordance with generally accepted market practice at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Comparable Government Bond&#148; means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an
independent investment bank selected by us, a <I>German Bundesanleihe security whose maturity is closest to the maturity of the Senior Notes, or if such independent investment bank in its discretion considers that such similar bond is not in issue,
such other German Bundesanleihe security as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German Bundesanleihe securities selected by such independent investment bank, determine to be appropriate
for determining the Comparable Government Bond Rate. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes are also subject to redemption prior to maturity in whole if
certain events occur involving United States taxation. If any of these special tax events do occur, the Senior Notes may be redeemed at a redemption price of 100% of their principal amount plus unpaid interest, if any, accrued thereon to, but
excluding, the redemption date. See &#147;&#151;Redemption for Tax Reasons.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment of Additional Amounts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All payments in respect of the Senior Notes will be made by or on behalf of us without withholding or deduction for, or on account of, any
present or future taxes, duties, assessments or governmental charges of whatever nature, imposed or levied by the United States or any taxing authority thereof or therein, unless such withholding or deduction is required by law. If such withholding
or deduction is required by law, we will pay to a holder who is not a United States person (as defined below) such additional amounts on the Senior Notes as are necessary in order that the net payment by us or a paying agent of the principal of, and
premium, if any, and interest on, the Senior Notes to such holder after such withholding or deduction will not be less than the amount provided in the Senior Notes to be then due and payable; provided, however, that the foregoing obligation to pay
additional amounts shall not apply: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) to any tax, duty, assessment or other governmental charge that would not have been
imposed but for the holder, or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary
holder, being considered as: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) being or having been engaged in a trade or business in the United States or having or
having had a permanent establishment in the United States or having or having had a qualified business unit which has the United States dollar as its functional currency; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) having a current or former connection with the United States (other than a connection arising solely as a result of the
ownership of the Senior Notes, the receipt of any payment or the enforcement of any rights thereunder) or being considered as having such relationship, including being or having been a citizen or resident of the United States; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation
with respect to the United States or a foreign personal holding company that has accumulated earnings to avoid United States federal income tax; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) being or having been a
<FONT STYLE="white-space:nowrap">&#147;10-percent</FONT> shareholder&#148; of BorgWarner as defined in section 871(h)(3) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), or any successor provision; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary
course of its trade or business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) to any holder that is not the sole beneficial owner of the Senior Notes, or a portion
of the Senior Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership or limited liability company
would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) to any tax, duty, assessment or other governmental charge that would not have been imposed but for the failure of the
holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Senior Notes,
if compliance is required by statute, by regulation of the United States or any taxing authority thereof or therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, duty,
assessment or other governmental charge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) to any tax, duty, assessment or other governmental charge that is imposed
otherwise than by withholding by us or a paying agent from the payment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) to any tax, duty, assessment or other
governmental charge that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs
later; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or
similar tax, assessment or other governmental charge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) to any withholding or deduction that is imposed on a payment to
an individual and that is required to be made pursuant to any law implementing or complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) to any tax, duty, assessment or other governmental charge required to be withheld by any paying agent from any payment of
principal of, or premium, if any, or interest on, any Senior Note, if such payment can be made without such withholding by at least one other paying agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) to any tax, duty, assessment or other governmental charge that would not have been imposed but for the presentation by the
holder of any Senior Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) to any tax, duty, assessment or other governmental charge required to be withheld or deducted under Sections 1471 through
1474 of the Code (or any amended or successor version of such Sections) (&#147;FATCA&#148;), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into a connection therewith, or any law,
regulation or other official guidance enacted in any jurisdiction implementing FATCA or any intergovernmental agreement in respect of FATCA; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation
applicable to the Senior Notes. Except as specifically provided under this heading &#147;&#151;Payment of Additional Amounts,&#148; we will not be required to make any payment for any tax, duty, assessment or governmental charge of whatever nature
imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used under this heading &#147;&#151;Payment of Additional Amounts&#148; and under the
heading &#147;&#151;Redemption for Tax Reasons,&#148; the term &#147;United States&#148; means the United States of America (including the states and the District of Columbia and any political subdivision thereof), and the term &#147;United States
person&#148; means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the
United States or the District of Columbia, including an entity treated as a corporation for Unites States income tax purposes, or any estate or trust the income of which is subject to United States federal income taxation regardless of its source.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Redemption for Tax Reasons </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, as a
result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority thereof or therein), or any change in, or amendments to, an official position regarding the
application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the date of this prospectus supplement, we become or, based upon a written opinion of independent counsel
selected by us, will become obligated to pay additional amounts as described herein under the heading &#147;&#151;Payment of Additional Amounts&#148; with respect to the Senior Notes, then we may at any time at our option, having given not less than
30 nor more than 60 days prior notice to holders, redeem, in whole, but not in part, the Senior Notes at a redemption price equal to 100% of the principal amount of the Senior Notes plus unpaid interest, if any, accrued thereon to, but excluding,
the redemption date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Change of Control Repurchase Event </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a change of control repurchase event (as defined below) occurs with respect to the Senior Notes, unless we have exercised our right to
redeem the Senior Notes as described above, we will make an offer to each holder of Senior Notes to repurchase all or any part (in minimum denominations of &#128;100,000 and any integral multiples of &#128;1,000 in excess thereof) of that
holder&#146;s Senior Notes at a purchase price in cash equal to 101% of the aggregate principal amount of such Senior Notes plus unpaid interest, if any, accrued thereon to, but excluding, the repurchase date. Within 30 days following any change of
control repurchase event or, at our option, prior to any change of control, but after the public announcement of the transaction or transactions that constitute or may constitute a change of control, we will deliver or mail (or in the case of global
notes, transmit in accordance with the procedures of the clearing agencies) a notice to each holder, with a copy to the trustee, describing the transaction or transactions that constitute or may constitute the change of control repurchase event and
offering to repurchase the Senior Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60&nbsp;days from the date such notice is transmitted (or, in the case of a notice provided prior to
the consummation of change of control, no later than 60 days from the date of the related change of control repurchase event), other than as may be required by law, pursuant to procedures required by such Senior Notes and described in such notice.
The notice shall, if transmitted prior to the date of consummation of the change of control, state that the offer to purchase is conditioned on the change of control repurchase event occurring on or prior to the payment date specified in the notice.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will comply with the requirements of Rule <FONT STYLE="white-space:nowrap">14e-1</FONT> under the Exchange Act, and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Senior Notes as a result of a change of control repurchase event. To the extent that the provisions of any
securities laws or regulations conflict with the change of control repurchase event provisions of the Senior Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the
change of control repurchase event provisions of the Senior Notes by virtue of such conflict. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the change of control repurchase event
payment date, we will, to the extent lawful: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accept for payment all Senior Notes or portions of the Senior Notes properly tendered pursuant to our offer;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Senior Notes or
portions of the Senior Notes properly tendered pursuant to our offer; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">deliver or cause to be delivered to the trustee the Senior Notes properly accepted, together with an
officers&#146; certificate stating the aggregate principal amount of the Senior Notes being purchased by us. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The paying
agent will promptly transmit to each holder of Senior Notes properly tendered the purchase price for such Senior Notes, and the trustee will promptly authenticate and deliver or mail (or cause to be transferred by book-entry) to each such holder a
new note equal in principal amount to any unpurchased portion of such Senior Notes surrendered; <I>provided</I> that each new note will be in a principal amount equal to &#128;100,000 or an integral multiple of &#128;1,000 in excess thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will not be required to make an offer to repurchase the Senior Notes upon a change of control repurchase event if (i)&nbsp;a third party
makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third party purchases all Senior Notes properly tendered and not withdrawn under its offer or (ii)&nbsp;notice of
redemption of all outstanding Senior Notes has been given pursuant to the Indenture as described above unless and until there is a default in the payment of the applicable redemption price. In the event that such third party terminates or defaults
on its offer or we rescind our notice of redemption, we will be required to make a change of control offer treating the date of such termination or default as though it were the date of the change of control repurchase event. In addition, we will
not purchase any Senior Notes if there has occurred and is continuing on the change of control payment date an event of default under the Indenture, other than a default in the payment of the change of control payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;below investment grade rating event&#148; means the Senior Notes become rated below investment grade by any two of the rating
agencies on any date from the date of the public notice of an arrangement that results in a change of control until the end of the <FONT STYLE="white-space:nowrap">60-day</FONT> period following public notice of the occurrence of such change of
control (which period shall be extended so long as any of such rating agencies has publicly announced that it is considering a possible ratings downgrade); <I>provided</I> that a below investment grade rating event otherwise arising by virtue of a
particular reduction in rating shall not be deemed to have occurred in respect to a particular change of control (and thus shall not be deemed a below investment grade rating event for purposes of the definition of change of control repurchase event
hereunder) if the rating agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform us and the trustee in writing at our or its request that the reduction was the result, in
whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, such change of control (whether or not such change of control shall have occurred at the time of the below investment grade rating event).
Neither the trustee nor any paying agent shall be responsible for monitoring the rating status of the Senior Notes, making any request upon any rating agency, or determining whether any below investment grade rating event has occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;change of control&#148; means the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of our voting stock measured by voting power rather than
number of shares. Notwithstanding the foregoing, a transaction or series of related transactions will not be deemed to involve a &#147;change of control&#148; if (i)&nbsp;as a result of such transaction or series of related transactions we become a
direct or indirect wholly-owned Subsidiary of a holding company or a holding company becomes the successor to us as contemplated by the provisions under &#147;&#151;Consolidation, Merger and Sale of Assets&#148; below and (ii)&nbsp;the direct or
indirect holders of the voting stock of such holding company immediately following that transaction or series of related transactions are the same or substantially the same as the holders of our voting stock immediately prior to that transaction or
series of related transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;change of control repurchase event&#148; means the occurrence of both a change of control
and a below investment grade rating event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;Fitch&#148; means Fitch, Inc. and its successors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;investment grade&#148; means a rating of Baa3 or better by Moody&#146;s (or
its equivalent under any successor rating categories), a rating of <FONT STYLE="white-space:nowrap">BBB-</FONT> or better by S&amp;P (or its equivalent under any successor rating categories), a rating of <FONT STYLE="white-space:nowrap">BBB-</FONT>
or better by Fitch (or its equivalent under any successor rating categories) and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;Moody&#146;s&#148; means Moody&#146;s Investors Service Inc. and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;rating agency&#148; means (1)&nbsp;each of Moody&#146;s, S&amp;P and Fitch; and (2)&nbsp;if any of Moody&#146;s, S&amp;P or
Fitch ceases to rate the Senior Notes or fails to make a rating of the Senior Notes publicly available for reasons outside of our control, a &#147;nationally recognized statistical rating organization&#148; within the meaning of
Section&nbsp;3(a)(62) of the Exchange Act, selected by us as a replacement agency for Moody&#146;s, S&amp;P or Fitch, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;S&amp;P&#148; means Standard&nbsp;&amp; Poor&#146;s Ratings Services, a division of S&amp;P Global Inc. and its successors.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;voting stock&#148; of any specified &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act)
as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Covenants and Other Provisions of the Senior Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Certain Definitions </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Attributable Indebtedness</I>&#148; means, with respect to any Sale/Leaseback Transaction as of any
particular time, the present value (discounted at the rate of interest implicit in the terms of the lease) of the obligations of the lessee under such lease for Net Rental Payments during the remaining term of the lease (including any period for
which such lease has been extended). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Consolidated Net Tangible Assets</I>&#148; means the total amount of assets (less applicable reserves
and other properly deductible items) after deducting therefrom (1)&nbsp;all current liabilities (excluding any current liabilities which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months
after the time as of which the amount thereof is being computed), (2) all goodwill, trade names, trademarks, patents and other like intangibles and (3)&nbsp;appropriate adjustments on account of
<FONT STYLE="white-space:nowrap">non-controlling</FONT> interests of other Persons holding stock of our Subsidiaries, all as set forth on the most recent balance sheet of the Company and its consolidated subsidiaries (but, in any event, as of a date
within 150 days of the date of determination) and computed in accordance with GAAP. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Consolidated Net Worth</I>&#148; means the amount of total equity shown in our most recent consolidated
balance sheet. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Current Assets</I>&#148; of any Person includes all assets of such Person that would in accordance with
GAAP be classified as current assets. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Current Liabilities</I>&#148; of any Person includes all liabilities of such Person that would in
accordance with GAAP be classified as current liabilities. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>GAAP</I>&#148; means, as to a particular Person, such accounting principles as, in the opinion of the
independent public accountants regularly retained by such Person, conform at the time to accounting principles generally accepted in the United States. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Net Rental Payments</I>&#148; under any lease for any period means the sum of the rental and other
payments required to be paid in such period by the lessee thereunder, not including, however, any amounts required to be paid by such lessee (whether or not designated as rental or additional rental) on account of maintenance and repairs, insurance,
taxes, assessments or similar charges. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I><FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Indebtedness</I>&#148; means our indebtedness or
the indebtedness of any of our Subsidiaries in respect of which the recourse of the holder of such indebtedness, whether direct or indirect and whether contingent or otherwise, is effectively limited to specified assets, and with respect to which
neither we nor any of our Subsidiaries provide any credit support. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Person</I>&#148; means any individual, corporation, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Principal Property</I>&#148; means any manufacturing plant or warehouse, together with the land upon
which it is erected and fixtures comprising a part thereof, that we own or that is owned by one of our Significant Subsidiaries, and is located in the United States, the gross book value (without deduction of any reserve for depreciation) of which
on the date as of which the determination is being made is an amount which exceeds 1% of Consolidated Net Tangible Assets, other than any such manufacturing plant or warehouse or any portion thereof (together with the land upon which it is erected
and fixtures comprising a part thereof)&nbsp;(1) which is financed by industrial development bonds or (2)&nbsp;which, in the opinion of our board of directors, is not of material importance to our total business conducted and the total business
conducted by our Subsidiaries, taken as a whole. As of the date of this Prospectus Supplement, neither the Company nor its Subsidiaries own any Principal Property. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Sale/Leaseback Transaction</I>&#148; means any arrangement with any Person pursuant to which we or any
of our Subsidiaries lease for a period of more than three years, any real or personal property, which property we have or such Subsidiary has sold or transferred or will sell or transfer to such Person in contemplation of such leasing.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Significant Subsidiary</I>&#148; means any of our Subsidiaries which constitutes a &#147;significant
subsidiary&#148; as defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the Exchange Act. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;<I>Subsidiary</I>&#148; of a Person means (1)&nbsp;any corporation more than 50% of the outstanding
securities having ordinary voting power of which is owned, directly or indirectly, by such Person or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries, or (2)&nbsp;any partnership or similar business
organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned. For the purposes of this definition, &#147;<I>securities having ordinary voting power</I>&#148; means securities or other
equity interests that ordinarily have voting power for the election of directors, or persons having management power with respect to the Person, whether at all times or only so long as no senior class of securities has such voting power by reason of
any contingency. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Liens </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture provides that we will not, and will not permit any of our Subsidiaries to, issue, assume or guarantee any indebtedness for money
borrowed (&#147;Debt&#148;) if such Debt is secured by a mortgage, pledge, security interest or lien (a &#147;mortgage&#148; or &#147;mortgages&#148;) upon any of our Principal Properties or of any of our Subsidiaries&#146; Principal Properties or
upon any shares of stock or other stock or other equity interest or Debt of any of our Subsidiaries (whether such property, shares of stock or other equity interest or Debt is now owned or hereafter acquired) which owns any Principal Property,
without in any such case effectively providing that the Senior Notes shall be secured equally and ratably with (or prior to) such Debt until such time as such Debt is no longer secured by such mortgage; <U>provided</U>, <U>however</U>, that the
foregoing restrictions shall not apply to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages existing on the date the Senior Notes are originally issued or mortgages provided for under the terms
of agreements existing on such date; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages on Current Assets securing Current Liabilities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages on any property we or any of our Subsidiaries acquire, construct, alter or improve after the date of
the Indenture that are created or assumed contemporaneously with or within one year after such acquisition (or, in the case of property constructed, altered or improved, after the completion and
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
commencement of commercial operation of such property, whichever is later) to secure or provide for the payment of the purchase price or cost of such property, provided that in the case of any
such construction, alteration or improvement the mortgages shall not apply to any property we or any of our Subsidiaries theretofore owned, other than (1)&nbsp;the property so altered or improved and (2)&nbsp;any theretofore unimproved real property
on which the property so constructed or altered, or the improvement, is located; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">existing mortgages on property we or any of our Subsidiaries acquire (including mortgages on any property
acquired from a Person that is consolidated with or merged with or into us or any of our Subsidiaries) or mortgages outstanding at the time any Person becomes one of our Subsidiaries that are not incurred in connection with such entity becoming one
of our Subsidiaries; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages in our or any of our Subsidiaries&#146; favor; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages on any property (1)&nbsp;in favor of domestic or foreign governmental bodies to secure partial,
progress, advance or other payments pursuant to any contract or statute, (2)&nbsp;securing indebtedness incurred to finance all or any part of the purchase price or cost of constructing, installing or improving the property subject to such
mortgages, including mortgages to secure Debt of the pollution control or industrial revenue bond type, or (3)&nbsp;securing indebtedness issued or guaranteed by the United States, any state, any foreign country or any department, agency,
instrumentality or political subdivision of any such jurisdiction; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages securing the Senior Notes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any interest of title of a lessor or secured by a lessor&#146;s interest under any lease permitted under the
Indenture; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages on the identifiable proceeds of any property or asset subject to a mortgage otherwise permitted under
the Indenture; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part,
of any mortgage referred to in the foregoing bullet points to the extent that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, together with
the reasonable costs related to such extension, renewal or replacement, and that such extension, renewal or replacement shall be limited to all or a part of the property that secured the mortgage so extended, renewed or replaced (plus improvements
on such property). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, we and any of our Subsidiaries may, without securing the Senior
Notes, issue, assume or guarantee secured Debt (that would otherwise be subject to the foregoing restrictions) in an aggregate amount that, together with all other such secured Debt and the aggregate amount of our and our Subsidiaries&#146;
Attributable Indebtedness deemed to be outstanding in respect of all Sale/Leaseback Transactions entered into pursuant to the provisions described below under &#147;&#151;Limitation on Sale/Leaseback Transactions&#148; (excluding any such
Sale/Leaseback Transactions the proceeds of which have been applied in accordance with clauses (2)&nbsp;or (3) under the &#147;&#151;Limitation on Sale/Leaseback Transactions&#148; covenant described below), does not exceed 10% of the Consolidated
Net Worth, as shown on a consolidated balance sheet as of a date not more than 90 days prior to the proposed transaction we prepare in accordance with GAAP. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Sale/Leaseback Transactions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture provides that we will not, and will not permit any of our Subsidiaries to, enter into any Sale/Leaseback Transaction involving
any Principal Property with any Person (other than us or one of our Subsidiaries) unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">at the time of entering into such Sale/Leaseback Transaction, we or such Subsidiary would be entitled to incur
Debt, in a principal amount equal to the Attributable Indebtedness with respect to such Sale/</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-24 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Leaseback Transaction, secured by a mortgage on the Principal Property subject to such Sale/Leaseback Transaction, pursuant to the provisions of the covenant described under
&#147;&#151;Limitation on Liens&#148; without equally and ratably securing the Senior Notes pursuant to such provisions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">after the date on which the Senior Notes are first issued, and within a period commencing six months prior to
the consummation of such Sale/Leaseback Transaction and ending six months after the consummation thereof, we or such Subsidiary shall have expended for property used or to be used in our or such Subsidiary&#146;s ordinary course of business
(including amounts expended for additions, expansions, alterations, repairs and improvements thereto) an amount equal to all or a portion of the net proceeds of such Sale/Leaseback Transaction, and we shall have elected to designate such amount as a
credit against such Sale/Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (3)&nbsp;below); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">during the <FONT STYLE="white-space:nowrap">12-month</FONT> period after the effective date of such
Sale/Leaseback Transaction, we shall have applied to the voluntary defeasance or retirement of the Senior Notes or any of our <I>pari passu</I> indebtedness an amount equal to the net proceeds of the sale or transfer of the property leased in such
Sale/Leaseback Transaction, which amount shall not be less than the fair value of such property at the time of entering into such Sale/Leaseback Transaction (adjusted to reflect any amount we expended as set forth in clause (2)&nbsp;above), less an
amount equal to the principal amount of such Senior Notes and <I>pari passu</I> indebtedness we voluntarily defeased or retired within such <FONT STYLE="white-space:nowrap">12-month</FONT> period and not designated as a credit against any other
Sale/Leaseback Transaction we or any of our Subsidiaries entered into during such period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The covenants applicable to
the Senior Notes would not necessarily afford holders protection in the event that we are involved in a highly leveraged or other transaction, or in the event of a material adverse change in our financial position or results of operations. The
Senior Notes do not contain any other provisions that are designed to afford protection in the event that we are involved in a highly leveraged transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Events of Default </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An &#147;Event of Default&#148; is defined under the Indenture with respect to the Senior Notes as being: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in the payment of any interest on any Senior Note when it becomes due and payable, and continuance of
such default for a period of 30 days; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in the payment of the principal of any Senior Note at its maturity; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in our performance (or our breach) of any of our covenants or agreements in the Indenture, continued for
90 days after we receive written notice; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acceleration of, or any failure to pay at final maturity, any of our or our Subsidiaries&#146; Debt (other than
the Senior Notes or <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Indebtedness) in an aggregate amount in excess of $150&nbsp;million if such acceleration is not rescinded or annulled, or such indebtedness shall not have been discharged,
within 15 days after we receive written notice thereof; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">certain events of our or of one of our Significant Subsidiaries&#146; bankruptcy, insolvency or reorganization.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture provides that if an Event of Default, other than certain events with respect to our bankruptcy,
insolvency or reorganization, shall occur and be continuing, then the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Senior Notes may, by a notice in writing to us (and to the trustee, if given by the
holders), declare the principal of the Senior Notes, and all accrued and unpaid interest thereon, to be due and payable immediately. If an Event of Default with respect to certain events of our bankruptcy, insolvency or reorganization shall occur
and be continuing, then the principal on the Senior Notes, and all accrued and unpaid interest thereon, shall be due and payable immediately without any act on the part of the trustee or any holder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-25 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of not less than a majority in principal amount of the outstanding Senior Notes
may, on behalf of the holders of all of the Senior Notes, waive any past default under the Indenture and its consequences, except a default (1)&nbsp;in respect of the payment of principal of or interest on the Senior Notes or (2)&nbsp;in respect of
a covenant or provision that cannot be modified or amended without the consent of each holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Indenture we are required to
file annually with the trustee an officers&#146; certificate as to our compliance with all conditions and covenants. The Indenture will provide that the trustee may withhold notice to the holders of the Senior Notes of any default (except payment
defaults on the Senior Notes) if it considers it to be in the interest of such holders to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the
Indenture relating to the duties of the trustee, the Indenture provides that when an Event of Default occurs and is continuing, the trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or
direction of any of the holders, unless such holders shall have offered to the trustee reasonable security or indemnity. Subject to such provisions concerning the rights of the trustee, the holders of a majority in aggregate principal amount of the
outstanding Senior Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee under the Indenture. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Consolidation, Merger and Sale of Assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture provides that we will not consolidate with or merge into any other corporation, or convey, transfer or lease, or permit one or
more of our Significant Subsidiaries to convey, transfer or lease, all or substantially all of our property and assets on a consolidated basis (excluding any assignment solely as collateral for security purposes, but not any outright assignment upon
the foreclosure on any such collateral) to any Person, unless (1)&nbsp;either we are the continuing corporation or such corporation or Person assumes by supplemental indenture all of our obligations under the Indenture and the Senior Notes issued
thereunder, (2)&nbsp;immediately after such transaction no Default or Event of Default shall exist and (3)&nbsp;the surviving corporation or such Person is a corporation, partnership, limited liability company or trust organized and validly existing
under the laws of the United States of America, any state thereof or the District of Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any consolidation or merger or any
conveyance, transfer or lease of all or substantially all of our property and assets occurs in accordance with the Indenture, the surviving or transferee entity will succeed to, and be substituted for, and may exercise every right and power we have
under the Indenture with the same effect as if such surviving or transferee entity had been named as us. We will be discharged from all obligations and covenants under the Indenture and in respect of the Senior Notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Modification or Waiver </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture provides that we may modify and amend the Indenture, and the trustee may modify and amend the Indenture with the consent of the
holders of not less than a majority in principal amount of the outstanding Senior Notes; provided that no such modification or amendment may, without the consent of each holder, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">change the stated maturity of the principal of, or any installment of interest on, the Senior Notes;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the principal amount of, or the rate of interest on, the Senior Notes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">change the currency of payment of principal of, or interest on, the Senior Notes, other than as provided in the
Senior Notes; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the percentage of holders necessary to modify or amend the Indenture or to consent to any waiver
thereunder or reduce the requirements for voting or quorum described below; or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-26 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">modify the foregoing requirements or reduce the percentage of outstanding Senior Notes necessary to waive any
past default. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture provides that we may modify and amend the Indenture, and the trustee may modify and amend
the Indenture without the consent of any holder for any of the following purposes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to evidence the succession of another Person to our company and the assumption by such Person of our covenants
contained in the Indenture and the Senior Notes; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to add covenants of our company for the benefit of the holders or to surrender any right or power conferred upon
our company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to add Events of Default; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to secure the Senior Notes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to evidence and provide for the acceptance of appointment by a successor to the trustee; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to convey, transfer, assign, mortgage or pledge any property to or with the trustee; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to make other provisions in regard to matters or questions arising under the Indenture as shall not adversely
affect the interests of the holders and to make any change that would provide additional rights or benefits to the holders of any or all series or that does not adversely affect the legal rights under the Indenture of any such holder;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to cure any ambiguity, defect or inconsistency in the Indenture; provided such action does not adversely affect
the interests of the holders; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to supplement any of the provisions of the Indenture to the extent necessary to permit or facilitate defeasance
and discharge of the Senior Notes; provided such action shall not adversely affect the interests of the holders; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to conform with the requirements of the Trust Indenture Act. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Provisions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a description of certain other covenants and provisions applicable to the Senior Notes, see the discussion in the accompanying prospectus
under the caption &#147;Description of Debt Securities&#148; under the following <FONT STYLE="white-space:nowrap">sub-headings:</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&#151;General&#148;; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&#151;Defeasance and Covenant Defeasance&#148;; provided, however, in respect of the Senior Notes, as used
in the accompanying prospectus, the terms &#147;U.S. dollars,&#148; &#147;money&#148; and &#147;funds&#148; shall instead mean the euro and the term &#147;U.S. Government Obligations&#148; shall instead mean (x)&nbsp;any security that is (i)&nbsp;a
direct obligation of the German government or (ii)&nbsp;an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the German government the timely payment of which is unconditionally guaranteed by the German
government or the central bank of the German government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y)&nbsp;certificates, depositary receipts or other instruments which evidence a
direct ownership interest in obligations described in clause (x)(i) or (x)(ii) above or in any specific principal or interest payments due in respect thereof; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&#151;Satisfaction and Discharge&#148;; provided, however, in respect of the Senior Notes, as used in the
accompanying prospectus, (A)&nbsp;the terms &#147;U.S. dollars,&#148; &#147;money&#148; and &#147;funds&#148; shall instead mean the euro and the term &#147;U.S. Government Obligations&#148; shall instead mean (x)&nbsp;any security that is
(i)&nbsp;a direct obligation of the German government or (ii)&nbsp;an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the German government the timely payment of which is
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-27 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
unconditionally guaranteed by the German government or the central bank of the German government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the issuer
thereof, and (y)&nbsp;certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations described in clause (x)(i) or (x)(ii) above or in any specific principal or interest payments due in respect
thereof, and (B)&nbsp;the following language shall be deemed added to the end of clause&nbsp;(1) thereof: &#147;or (c)&nbsp;are to be called for redemption within one year under arrangements satisfactory to the trustee for the giving of notice of
redemption by the trustee in our name and at our expense&#148;. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, the discussion in the
accompanying prospectus under the following subheadings under the caption &#147;Description of Debt Securities&#148; shall not apply to the Senior Notes: &#147;&#151;Certain Definitions&#148;, &#147;&#151;Limitation on Liens&#148;,
&#147;&#151;Limitation on Sale/Leaseback Transactions&#148;, &#147;&#151;Subordinated Debt&#148;, &#147;&#151;Guarantees&#148;, &#147;&#151;Conversion and Exchange&#148;, &#147;&#151;Events of Default&#148;, &#147;&#151;Consolidation, Merger and
Sale of Assets&#148;, &#147;&#151;Modification or Waiver&#148; and &#147;&#151;Book-Entry Issuance; Global Securities&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Book-Entry Delivery and
Settlement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have obtained the information in this section concerning Clearstream and Euroclear and their book-entry systems and
procedures from sources that we believe to be reliable. We take no responsibility for an accurate portrayal of this information. In addition, the description of the clearing systems in this section reflects our understanding of the rules and
procedures of Clearstream and Euroclear as they are currently in effect. Those systems could change their rules and procedures at any time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Global Clearance and Settlement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes will be issued in the form of one or more global notes in fully registered form, without coupons, and will be deposited with,
or on behalf of, a common depositary for, and in respect of interests held through, Euroclear and Clearstream. Except as described herein, certificates will not be issued in exchange for beneficial interests in the global notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as set forth below, the global notes may be transferred, in whole and not in part, only to Euroclear or Clearstream or their respective
nominees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Beneficial interests in the global notes will be represented, and transfers of such beneficial interests will be effected,
through accounts of financial institutions acting on behalf of beneficial owners as direct or indirect participants in Euroclear or Clearstream. Those beneficial interests will be in denominations of &#128;100,000 and integral multiples of
&#128;1,000 in excess thereof. Investors may hold Senior Notes directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations that are participants in such systems. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as described herein, owners of beneficial interests in the global notes will not be entitled to have Senior Notes registered in their
names, and will not receive or be entitled to receive physical delivery of Senior Notes in definitive form. So long as the common depositary for Euroclear and Clearstream is the registered owner of the global notes, the common depositary (or its
nominee) for all purposes will be considered the sole holder of the Senior Notes under the Indenture. Except as provided below, beneficial owners will not be considered the owners or holders of the Senior Notes under the Indenture, including for
purposes of receiving any reports delivered by us or the trustee pursuant to the Indenture. Accordingly, each beneficial owner must rely on the procedures of the clearing systems and, if such person is not a participant of the clearing systems, on
the procedures of the participant through which such person owns its interest, to exercise any rights of a holder under the Indenture. Under existing industry practices, if we request any action of holders or a beneficial owner desires to give or
take any action which a holder is entitled to give or take under the Indenture, the clearing systems would authorize their participants holding the relevant beneficial interests to give or take action and the participants would authorize beneficial
owners owning through the participants to give or take such action or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-28 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
would otherwise act upon the instructions of beneficial owners. Conveyance of notices and other communications by the clearing systems to their participants, by the participants to indirect
participants and by the participants and indirect participants to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. The laws of some
jurisdictions require that certain purchasers of securities take physical delivery of such securities in certificated form. These limits and laws may impair the ability to transfer beneficial interests in global notes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Clearstream </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream has advised that it is incorporated under the laws of Luxembourg and licensed as a bank and professional depositary. Clearstream
holds securities for its participating organizations and facilitates the clearance and settlement of securities transactions among its participants through electronic book-entry changes in accounts of its participants, thereby eliminating the need
for physical movement of certificates. Clearstream provides to its participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing.
Clearstream interfaces with domestic markets in several countries. Clearstream has established an electronic bridge with the Euroclear Operator (as defined herein) to facilitate the settlement of trades between Clearstream and Euroclear. As a
registered bank in Luxembourg, Clearstream is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector. Clearstream customers are recognized financial institutions around the world, including underwriters,
securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations and may include the underwriters. Indirect access to Clearstream is also available to others, such as banks, brokers, dealers and trust
companies that clear through, or maintain a custodial relationship with, a Clearstream participant, either directly or indirectly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Distributions with respect to Senior Notes held beneficially through Clearstream will be credited to cash accounts of Clearstream participants
in accordance with its rules and procedures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Euroclear </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Euroclear has advised that it was created in 1968 to hold securities for its participants and to clear and settle transactions between
Euroclear participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear
includes various other services, including securities lending and borrowing and interfaces with domestic markets in several countries. Euroclear is operated by Euroclear Bank SA/NV (the &#147;Euroclear Operator&#148;). All operations are conducted
by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator. Euroclear participants include banks (including central banks), securities brokers and dealers and other
professional financial intermediaries and may include the underwriters. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly or
indirectly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Securities clearance accounts and cash accounts with the Euroclear Operator are governed by the Terms and Conditions
Governing Use of Euroclear and the related operating procedures of Euroclear, and applicable Belgian law (collectively, the &#147;Terms and Conditions&#148;). The Terms and Conditions govern transfers of securities and cash within Euroclear,
withdrawals of securities and cash from Euroclear, and receipts of payments with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific securities
clearance accounts. The Euroclear Operator acts under the Terms and Conditions only on behalf of Euroclear participants, and has no records of or relationship with persons holding through Euroclear participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Distributions with respect to Senior Notes held beneficially through Euroclear will be credited to the cash accounts of Euroclear participants
in accordance with the Terms and Conditions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-29 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Euroclear and Clearstream Arrangements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">So long as Euroclear or Clearstream or their nominee or their common depositary is the holder of the global notes, Euroclear, Clearstream or
such nominee, as the case may be, will be considered the sole owner and registered holder of the Senior Notes represented by such global notes for all purposes under the Indenture and the Senior Notes. Payments of principal of, premium, if any, and
interest on, and additional amounts, if any, with respect to the global notes will be made to Euroclear, Clearstream, such nominee or such common depositary, as the case may be, as holder thereof. Notwithstanding the following sentence, none of us,
the trustee, any underwriter and any affiliate of any of the above or any person by whom any of the above is controlled (as such term is defined in the Securities Act) will have any responsibility or liability for any records relating to or payments
made on account of beneficial ownership interests in the global notes or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. In considering the interests of holders of the Senior Notes whilst the
Senior Notes are represented by the global notes held on behalf of Clearstream and Euroclear, Deutsche Bank Trust Company Americas as trustee may have regard to any information provided to it by or on behalf of Clearstream and Euroclear as to the
identity (either individually or by category) of their respective direct participants and may consider such interests as if these direct participants were holders of the global notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Distributions of principal of, premium, if any, interest on and additional amounts, if any, with respect to the global notes will be credited
in euro to the extent received by Euroclear or Clearstream from the paying agent to the cash accounts of Euroclear or Clearstream customers in accordance with the relevant system&#146;s rules and procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because Euroclear and Clearstream can only act on behalf of participants, who in turn act on behalf of indirect participants, the ability of a
person having an interest in the global notes to pledge such interest to persons or entities which do not participate in the relevant clearing system, or otherwise take actions in respect of such interest, may be affected by the lack of a physical
certificate in respect of such interest. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Initial Settlement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We understand that investors that hold their Senior Notes through Clearstream or Euroclear accounts will follow the settlement procedures that
are applicable to conventional eurobonds in registered form. Subject to applicable procedures of Clearstream and Euroclear, Senior Notes will be credited to the securities custody accounts of Clearstream and Euroclear participants on the business
day following the settlement date, for value on the settlement date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Secondary Market Trading </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because the purchaser determines the place of delivery, it is important to establish at the time of trading of any Senior Notes where both the
purchaser&#146;s and seller&#146;s accounts are located to ensure that settlement can be made on the desired value date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We understand
that secondary market trading between Clearstream and/or Euroclear participants will occur in the ordinary way following the applicable rules and operating procedures of Clearstream and Euroclear. Secondary market trading will be settled using
procedures applicable to conventional eurobonds in registered form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should be aware that investors will only be able to make and
receive deliveries, payments and other communications involving the Senior Notes through Clearstream and Euroclear on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other
institutions are open for business in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, because of time-zone differences, there may be problems with
completing transactions involving Clearstream and Euroclear on the same business day as in the United States. U.S. investors who wish </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-30 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to transfer their interests in the Senior Notes, or to make or receive a payment or delivery of the Senior Notes, 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 or Euroclear is used. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream or Euroclear will
credit payments to the cash accounts of Clearstream customers or Euroclear participants, as applicable, in accordance with the relevant system&#146;s rules and procedures, to the extent received by its depositary. Clearstream or the Euroclear
Operator, 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 customer or Euroclear participant only in accordance with its relevant rules and procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of the Senior Notes among participants of
Clearstream 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="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Exchange of Global Senior Notes for Certificated Senior Notes </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to certain conditions, the Senior Notes represented by a global note are exchangeable for certificated notes in definitive form of like
tenor in minimum denominations of &#128;100,000 principal amount and multiples of &#128;1,000 in excess thereof if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)
Euroclear or Clearstream notifies the Company that it is no longer willing or able to act as clearing agency for the Senior Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) we, at our option, notify the trustee in writing that we elect to cause the issuance of certificated notes; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) there has occurred and is continuing an Event of Default with respect to the Senior Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In all cases, certificated notes delivered in exchange for any global note or beneficial interest therein will be registered in the names, and
issued in any approved denominations, requested by or on behalf of the common depositary (in accordance with its customary procedures). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments (including principal, premium and interest) and transfers with respect to Senior Notes in certificated form may be executed at the
office or agency maintained for such purpose (initially the corporate trust office of the Paying Agent) or, at our option, by check mailed to the holders thereof at the respective addresses set forth in the register of holders of the Senior Notes,
provided that all payments (including principal, premium and interest) on Senior Notes in certificated form, for which the holders thereof have given wire transfer instructions, will be required to be made by wire transfer of immediately available
funds to the accounts specified by the holders thereof. No service charge will be made for any registration of transfer, but payment of a sum sufficient to cover any tax or governmental charge payable in connection with that registration may be
required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The paying agent for the Senior Notes will initially be Deutsche Bank Trust Company Americas (the &#147;Paying Agent&#148;).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-31 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_9"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a discussion of the material U.S. federal income tax considerations relevant to the ownership and disposition of the Senior
Notes by U.S. holders and by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders (each as defined below). This discussion is based upon provisions of the Internal Revenue Code of 1986, as amended, or the &#147;Code,&#148; applicable U.S.
Treasury regulations, administrative rulings and judicial decisions in effect as of the date of this prospectus supplement, any of which may subsequently be changed, possibly retroactively, or interpreted differently by the Internal Revenue Service,
or the &#147;IRS,&#148; so as to result in U.S. federal income tax consequences different from those discussed below. No assurance can be given that the IRS will agree with the consequences described in this discussion, or that a court will not
sustain any challenge by the IRS in the event of litigation. No advance tax ruling has been sought or obtained from the IRS regarding the tax consequences of the transactions described herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In this discussion, we use the term &#147;U.S. holder&#148; to refer to a beneficial owner of the Senior Notes that is, for U.S. federal
income tax purposes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an individual citizen or resident of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or
organized in or under the laws of the United States, any state thereof or the District of Columbia, or is otherwise treated for U.S. federal income tax purposes as a domestic corporation; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate the income of which is subject to U.S. federal income taxation regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust, if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more
United States persons as described in Section&nbsp;7701(a)(30) of the Code (&#147;United States persons&#148;) have the authority to control all substantial decisions of the trust, or (2)&nbsp;has a valid election in effect under applicable U.S.
Treasury regulations to be treated as a U.S. person. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We use the term
<FONT STYLE="white-space:nowrap">&#147;non-U.S.</FONT> holder&#148; to describe a beneficial owner of the Senior Notes that is neither a U.S. holder nor a partnership (or other entity that is treated as a partnership) that is classified for U.S.
federal income tax purposes as a partnership or as a &#147;disregarded entity.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an entity classified for U.S. federal income tax
purposes as a partnership or as a &#147;disregarded entity&#148; owns Senior Notes, the tax treatment of a member of the entity will depend on the status of the member and the activities of the entity. The tax treatment of such an entity, and the
tax treatment of any member of such an entity, are not addressed in this discussion. Any entity that is classified for U.S. federal income tax purposes as a partnership or as a &#147;disregarded entity&#148; and that owns Senior Notes, and any
members of such an entity, are encouraged to consult their own tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except where noted, this discussion deals only with a Senior
Note held as a capital asset by a beneficial owner who purchases the Senior Note on original issuance at the first price, which we refer to as the &#147;issue price,&#148; at which a substantial portion of the Senior Notes is sold for cash to
persons other than bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers. This discussion does not address all aspects of U.S. federal income taxes and does not deal with
all tax consequences that may be relevant to holders in light of their personal circumstances or particular situations, such as: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to dealers in securities or currencies, financial institutions, regulated investment companies,
real estate investment trusts, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> entities, insurance companies and traders in securities that elect to use a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of tax accounting for their securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to persons holding Senior Notes as a part of a hedging, integrated, conversion or constructive
sale transaction or a straddle; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-32 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to persons that purchase or sell Senior Notes as part of a wash sale for U.S. federal income tax
purposes; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to persons subject to special tax accounting rules under Section&nbsp;451(b) of the Code,
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to U.S. holders, as defined below, whose &#147;functional currency&#148; is not the U.S. dollar;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to certain former citizens or residents of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to controlled foreign corporations or passive foreign investment companies;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">alternative minimum tax consequences, if any; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any state, local or foreign tax consequences; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">estate or gift taxes. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an entity that is treated as a partnership for U.S. federal income tax purposes holds Senior Notes, the tax treatment of a partner or
member generally will depend upon the status of the partner or member and the activities of the entity. If you are a partner or member in such an entity, you should consult your tax advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">U.S. Treasury regulations provide special rules for the treatment of debt instruments that provide for contingent payments. Under these
regulations, a contingency is disregarded if the contingency is remote or incidental. In addition, these regulations provide that if a debt instrument provides for alternative payment schedules applicable upon the occurrence of one or more
contingencies, other than remote or incidental contingencies, a single payment schedule can be presumed to apply if such payment schedule is significantly more likely than not to occur, and the timing and amounts of the payments that comprise each
payment schedule are known as of the issue date. We intend to take the position that the contingencies on the Senior Notes (for example, your right to require us to purchase the Senior Notes upon a change of control repurchase event, as described
under &#147;Description of the Senior Notes&#151;Change of Control Repurchase Event&#148;) will not cause the &#147;contingent payment debt instrument&#148; rules of the U.S. Treasury regulations to apply. A successful challenge of this position by
the IRS could adversely affect the timing and amount of income inclusions with respect to the Senior Notes, and could also cause any gain from the sale or other disposition of a Senior Note to be treated as ordinary income rather than as capital
gain. Beneficial owners of the Senior Notes are encouraged to consult their own tax advisors regarding the possible application of the contingent payment debt instrument rules to the Senior Notes. The remainder of this discussion assumes that the
Senior Notes will not be considered to be contingent payment debt instruments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">YOU SHOULD CONSULT WITH YOUR TAX ADVISOR REGARDING THE
U.S. FEDERAL, STATE, LOCAL AND FOREIGN INCOME, FRANCHISE, PERSONAL PROPERTY AND ANY OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF THE SENIOR NOTES. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Taxation of U.S. Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Interest Income </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It
is anticipated that the Senior Notes will be issued with less than a <I>de minimis</I> amount (as set forth in the applicable U.S. Treasury regulations) of original issue discount, or &#147;OID&#148;. In such case, interest paid on the Senior Notes
generally will be taxable to a U.S. holder as ordinary interest income at the time such payments are accrued or received (in accordance with the U.S. holder&#146;s regular method of tax accounting for U.S. federal income tax purposes). If, however,
the Senior Notes are issued for an amount less than the principal amount and the difference is more than or equal to a <I>de minimis</I> amount, a U.S. holder will be required to include the difference in income as OID as it accrues in accordance
with a constant-yield method, based on compounding of interest before the receipt of cash attributable to this income. If the Senior Notes are issued with OID, OID will be determined for any accrual period in euro and then translated into U.S.
dollars in the same manner as interest income accrued by a U.S. holder on the accrual basis, as described below. U.S. holders will recognize exchange </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-33 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
gain or loss when any OID is paid (including, upon the sale of a Note, the receipt of proceeds that include amounts attributable to any OID previously included in income) to the extent of the
difference between the U.S. dollar value of such payment (determined by translating euro received at the spot rate on the date such payment is received) and the U.S. dollar value of the accrued OID (determined in the same manner as for accrued
interest as described below). The remainder of this discussion assumes that the Senior Notes will not be issued with OID. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A U.S. holder
that uses the cash method of accounting and that receives a payment of interest in euro (including a payment attributable to accrued but unpaid interest upon the sale, exchange, redemption, repurchase or other taxable disposition of a Senior Note)
will be required to include in income the U.S. dollar value of the euro payment received (determined based on the spot rate on the date the payment is received), regardless of whether the payment is in fact converted to U.S. dollars at that time. A
cash basis U.S. holder will not recognize exchange gain or loss on the receipt of interest income, but may recognize exchange gain or loss attributable to the actual disposition of the euro received. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A U.S. holder that uses the accrual method of accounting will accrue interest income in euro and translate that amount into U.S. dollars based
on the average spot rate of exchange in effect for the accrual period or, with respect to an accrual period that spans two taxable years, at the average spot rate for the partial period within the applicable taxable year. Alternatively, an accrual
method U.S. holder may elect to translate interest income into U.S. dollars at the spot rate on the last day of the accrual period (or the last day of the taxable year in the case of an accrual period that spans two taxable years) or, if the date of
receipt is within five business days of the last day of the interest accrual period, the spot rate on the date of receipt. A U.S. holder that makes this election must apply it consistently to all debt instruments from year to year and cannot change
the election without the consent of the IRS. A U.S. holder that uses the accrual method will recognize exchange gain or loss with respect to accrued interest income on the date the interest payment (or proceeds from a sale, exchange, redemption,
repurchase or other taxable disposition attributable to accrued interest) is actually received. The amount of exchange gain or loss recognized will equal the difference, if any, between the U.S. dollar value of the euro payment received (determined
based on the spot rate on the date the payment is received) in respect of the accrual period and the U.S. dollar value of interest income that has accrued during the accrual period (as determined above), regardless of whether the payment is in fact
converted to U.S. dollars. This exchange gain or loss generally will be treated as ordinary income or loss. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Sale, Exchange,
Redemption, Repurchase or other Taxable Disposition of the Senior Notes </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A U.S. holder will generally recognize gain or loss equal
to the difference between the amount realized on the sale, exchange, redemption, repurchase or other taxable disposition of a Senior Note (except to the extent the amount realized is attributable to accrued interest not previously included in
income, which will be taxable as ordinary interest income) and the U.S. holder&#146;s adjusted tax basis in such Senior Note. A U.S. holder&#146;s adjusted tax basis in the Senior Note generally will be the U.S. dollar value of the euro used to
purchase the Senior Note at the spot exchange rate on the purchase date. If the Senior Note is traded on an established securities market, as the Senior Notes are expected to be, a cash basis U.S. holder (and if it elects, an accrual basis U.S.
holder) will determine the U.S. dollar value of the euro amount paid for the Senior Note on the settlement date of the purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
amount realized on the sale, exchange, redemption, repurchase or other taxable disposition of a Senior Note for an amount in euro will generally be the U.S. dollar value of such euro based on the spot exchange rate on the date the Senior Note is
disposed of; provided, however, that if the Senior Note is traded on an established securities market, as the Senior Notes are expected to be, a cash basis U.S. holder (and if it elects, an accrual basis U.S. holder) will determine the U.S. dollar
value of such euro on the settlement date of the disposition. If an accrual method U.S. holder makes either of the elections described above, such election must be applied consistently to all debt instruments from year to year and cannot be changed
without the consent of the IRS. If a Senior Note is not traded on an established securities market (or, if a Senior Note is so traded, but a U.S. holder is an accrual basis U.S. holder that has not made the settlement date election), a U.S. holder
will recognize </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-34 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
exchange gain or loss (taxable as ordinary income or loss) to the extent that the U.S. dollar value of the euro received (based on the spot rate on the settlement date) differs from the U.S.
dollar value of the amount realized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as discussed below with respect to exchange gain or loss, any gain or loss recognized by a
U.S. holder on a taxable disposition of a Senior Note will be capital gain or loss. If, at the time of the sale, exchange, redemption, repurchase or other taxable disposition of the Senior Note, a U.S. holder is treated as holding the Senior Note
for more than one year, such capital gain or loss will be a long-term capital gain or loss. Otherwise, such capital gain or loss will be a short-term capital gain or loss. In the case of certain <FONT STYLE="white-space:nowrap">non-corporate</FONT>
U.S. holders (including individuals), long-term capital gains are generally eligible for reduced rates of U.S. federal income taxation. A U.S. holder&#146;s ability to deduct capital losses may be limited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Gain or loss realized upon the sale, exchange, redemption, repurchase or other taxable disposition of a Senior Note that is attributable to
fluctuations in currency exchange rates will be ordinary income or loss. Gain or loss attributable to fluctuations in currency exchange rates generally will equal the difference between (i)&nbsp;the U.S. dollar value of a U.S. holder&#146;s purchase
price for the Senior Note in euro, determined on the date the Senior Note is disposed of, and (ii)&nbsp;the U.S. dollar value of a U.S. holder&#146;s purchase price for the Senior Note in euro, determined on the date the U.S. holder acquired the
Senior Note (or, in each case, determined on the settlement date if the Senior Notes are traded on an established securities market, as the Senior Notes are expected to be, and the U.S. holder is either a cash basis or an electing accrual basis
holder). Payments received that are attributable to accrued interest will be treated in accordance with the rules applicable to payments of interest described above. The exchange gain or loss will be recognized only to the extent of the total gain
or loss realized by a U.S. holder on the sale, exchange, redemption, repurchase or other taxable disposition of the Senior Note, and generally will be ordinary income or loss. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Exchange of Foreign Currencies </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A U.S. holder&#146;s tax basis in the euro received as interest on or on the sale or other taxable disposition of a Senior Note will be the
U.S. dollar value of such euro at the spot rate in effect on the date of receipt of the euro. Any gain or loss recognized by a U.S. holder on a sale, exchange or other taxable disposition of the euro will be ordinary income or loss. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Tax Return Disclosure Requirements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain U.S. Treasury regulations meant to require the reporting of certain tax shelter transactions cover transactions generally not regarded
as tax shelters, including certain foreign currency transactions giving rise to losses in excess of a certain minimum amount (e.g., $50,000 in the case of an individual or trust), such as the receipt or accrual of interest or a sale, exchange,
retirement or other taxable disposition of a foreign currency note or of foreign currency received in respect of a foreign currency note. U.S. holders considering the purchase of the Senior Notes should consult with their own tax advisors to
determine the U.S. federal income tax return disclosure obligations, if any, with respect to an investment in the Senior Notes or the disposition of euro, including any requirement to file IRS Form 8886 (Reportable Transaction Statement). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Medicare Tax on Unearned Income </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain U.S. holders that are individuals, estates or trusts are required to pay an additional 3.8% tax on &#147;net investment income,&#148;
which includes, among other things, interest on and gains from the sale or other taxable disposition of Senior Notes. U.S. holders should consult their tax advisors regarding the application of this tax. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Information Reporting and Backup Withholding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, information reporting requirements will apply with respect to payments of principal and interest on the Senior Notes to a U.S.
holder (and annual accruals of OID by a U.S. holder relating to the Senior Notes), </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-35 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and with respect to payments to a U.S. holder of any proceeds from a disposition of the Senior Notes. In addition, a U.S. holder may be subject to a backup withholding tax on such payments that
are subject to information reporting if the U.S. holder fails to supply its correct taxpayer identification number in the manner required by applicable law, fails to certify that it is not subject to the backup withholding tax, or otherwise fails to
comply with applicable backup withholding tax rules. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a U.S. holder&#146;s U.S. federal income tax liability provided the required information is
furnished timely to the IRS. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Taxation of <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Interest Income </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the discussions below concerning backup withholding and FATCA, the 30% U.S. federal withholding tax will not be applied to any
payment of interest on a Senior Note to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder provided that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">interest paid on the Senior Note is not effectively connected with the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct of a trade or business in the United States; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder does not actually or constructively own 10% or more
of the total combined voting power of all classes of our stock that are entitled to vote within the meaning of section 871(h)(3) of the Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is not a controlled foreign corporation that is
related to us (actually or constructively) through stock ownership; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder provides its name and address, and certifies, under
penalties of perjury, that it is not a United States person (which certification may be made on the applicable IRS Form <FONT STYLE="white-space:nowrap">W-8)</FONT> or (2)&nbsp;the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder holds the
Senior Notes through certain foreign intermediaries or certain foreign partnerships, and the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder and the foreign intermediary or foreign partnership satisfy the certification requirements of
applicable U.S. Treasury regulations. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder cannot satisfy the
requirements described above, payments of interest will be subject to the 30% U.S. federal withholding tax, unless the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder provides the paying agent with a properly executed (1)&nbsp;IRS Form <FONT
STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> claiming an exemption from or reduction in withholding under the benefit of an applicable income tax treaty
or (2)&nbsp;IRS Form <FONT STYLE="white-space:nowrap">W-8ECI</FONT> (or other applicable form) stating that interest paid on the Senior Notes is not subject to withholding tax because it is effectively connected with the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct of a trade or business in the United States. If a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is engaged in a trade or business in the United States and interest on the
Senior Notes is effectively connected with the conduct of that trade or business and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment, then, although the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be exempt from the 30% U.S. federal withholding tax provided the certification requirements discussed above are satisfied, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will
be subject to U.S. federal income tax on that interest on a net income basis in the same manner as if the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder were a U.S. holder. In addition, if a <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder is classified for U.S. federal income tax purposes as a corporation, it may be subject to a branch profits tax, which is imposed at a rate of 30% (or at a lower rate under an applicable income tax treaty) on effectively connected earnings and
profits, subject to certain adjustments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Sale, Exchange, Redemption, Repurchase or other Taxable Disposition of the Senior Notes
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the discussions below concerning backup withholding, any gain (other than an amount representing accrued but unpaid
interest, which will be treated as described above in &#147;&#151;Taxation of <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders&#151;Interest Income&#148;) recognized by a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder on the sale,
exchange, redemption, repurchase or other taxable disposition of a Senior Note will not be subject to U.S. federal income tax unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that gain is effectively connected with a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s conduct
of a trade or business in the United States (and, if required by an applicable income treaty, is attributable to a U.S. permanent establishment); or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-36 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is an individual who is present in the United States
for 183 days or more in the taxable year of that disposition and certain other conditions are met. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder that is described in the first bullet point above, it will be subject to tax on the net gain derived from the sale, exchange, redemption, repurchase or other taxable disposition under regular
graduated U.S. federal income tax rates and in the same manner as if the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder were a U.S. holder. In addition, if a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is classified for U.S.
federal income tax purposes as a corporation and is described in the first bullet point above, it may be subject to the branch profits tax, which is imposed at a rate of 30% (or at a lower rate under an applicable income tax treaty) on effectively
connected earnings and profits, subject to certain adjustments. If a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is eligible for the benefits of an income tax treaty between the United States and its country of residence, any such gain
will be subject to U.S. federal income tax in the manner specified by the treaty and generally will only be subject to such tax if such gain is attributable to a permanent establishment maintained by the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder is an individual described in the second bullet point above, such holder will be subject to U.S. federal income tax at a flat rate of 30% (or at a lower rate under an applicable income tax treaty) on the gain derived from the sale, exchange,
redemption, repurchase or other taxable disposition, which may be offset by U.S.-source capital losses, even though such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is not considered a resident of the United States. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>FATCA </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Foreign
Account Tax Compliance Act provisions of the Hiring Incentives to Restore Employment Act and the U.S. Treasury regulations promulgated thereunder, commonly referred to as &#147;FATCA,&#148; impose a U.S. federal withholding tax of 30% on any
U.S.-source interest paid on debt obligations if paid to a &#147;foreign financial institution&#148; or a <FONT STYLE="white-space:nowrap">&#147;non-financial</FONT> foreign entity&#148; (each as defined in the Code) (including, in some cases, when
such foreign financial institution or <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity is acting as an intermediary), unless: (i)&nbsp;the foreign financial institution enters into an agreement with the U.S. government to
withhold on certain payments, and to collect and provide to the U.S. tax authorities information regarding U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account
holders that are foreign entities with U.S. owners); (ii) the <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity either certifies it does not have any &#147;substantial United States owners&#148; (as defined in the Code) or
furnishes identifying information regarding each substantial United States owner; or (iii)&nbsp;the foreign financial institution or <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity otherwise qualifies for an exemption from these
rules and provides appropriate documentation (such as an IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E).</FONT></FONT> An applicable intergovernmental agreement regarding FATCA between the United States and a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s jurisdiction may modify the rules discussed in this paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although FATCA
withholding had been scheduled to be imposed, beginning on January&nbsp;1, 2019, on gross proceeds from the disposition of certain types of debt instruments, the IRS has issued proposed regulations, upon which taxpayers may generally rely, that
exclude gross proceeds from the sale or other disposition of the Senior Notes from the application of the withholding tax imposed under FATCA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders are urged to consult their own tax advisors regarding FATCA and the application of
these requirements to their investment in the Senior Notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Information Reporting and Backup Withholding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, the amount of interest paid to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders and the amount of tax, if any, withheld with
respect to those payments must be reported annually to the IRS and to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders. Copies of the information returns reporting such interest and withholding may also be made available to the tax
authorities in the country in which a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides under the provisions of an applicable income tax treaty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will not be subject to backup withholding with respect to payments of
interest that we make, provided the statement described above in the last bullet point under &#147;&#151;Interest Income&#148; has been </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-37 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
provided and the applicable withholding agent does not have actual knowledge or reason to know that the holder is a United States person that is not an exempt recipient. In addition, a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder will be subject to information reporting and, depending on the circumstances, backup withholding with respect to payments of the proceeds of the sale of a Senior Note within the United States or
conducted through certain U.S.-related financial intermediaries, unless the statement described above has been received, and the payor does not have actual knowledge or reason to know that a holder is a United States person that is not an exempt
recipient, or the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder otherwise establishes an exemption. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s U.S. federal income tax liability provided the required information is furnished timely to the IRS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-38 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_10"></A>THE PROPOSED FINANCIAL TRANSACTIONS TAX </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The European Commission published on February&nbsp;14, 2013, a proposal for a Directive for a common financial transactions tax
(&#147;FTT&#148;) in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia (the &#147;participating Member States&#148;). However, Estonia has since stated it will not participate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The proposed FTT as published has very broad scope and could, if introduced in its published form, apply to certain dealings in the Senior
Notes (including secondary market transactions) in certain circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FTT could, as published, apply in certain circumstances to
persons both within and outside of the participating Member States. Generally, it would apply to certain dealings in the Senior Notes where at least one party is a financial institution, and at least one party is established in a participating
Member State. A financial institution may be, or be deemed to be, &#147;established&#148; in a participating Member State in a broad range of circumstances, including (a)&nbsp;by transacting with a person established in a participating Member State
or (b)&nbsp;where the financial instrument which is subject to the dealings is issued in a participating Member State. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FTT remains
subject to negotiation among the participating Member States. It may therefore be altered prior to any implementation (if at all), the timing of which remains unclear. Additional member states of the European Union may decide to participate and/or
certain of the participating Member States may decide to withdraw. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prospective holders of, and investors in, the Senior Notes are advised
to seek their own professional advice regarding the FTT. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-39 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_11"></A>UNDERWRITING (CONFLICTS OF INTEREST) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions of an underwriting agreement (the &#147;Underwriting Agreement&#148;), we have agreed to sell to each of
the underwriters named below and each of the underwriters severally has agreed to purchase from us, the principal amount of the Senior Notes set forth opposite its name below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Underwriter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal<BR>Amount<BR>of<BR>Senior<BR>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deutsche Bank AG, London Branch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&#128;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">333,334,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Merrill Lynch International</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">333,333,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities plc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">333,333,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&#128;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,000,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the Underwriting Agreement, the underwriters have agreed, subject to the terms and conditions set forth
therein, to purchase all of the Senior Notes offered hereby, if any of the Senior Notes are purchased. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The underwriters initially propose
to offer part of the Senior Notes directly to the public at the offering prices set forth on the cover page of this prospectus supplement. After the initial offering of the Senior Notes, the underwriters may from time to time vary the offering price
and other selling terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes are a new issue of securities for which no established trading market exists. Although we
intend to apply to list the Senior Notes on the New York Stock Exchange, no assurance can be given that we will be able to list the Senior Notes. Even if the Senior Notes are listed, we would expect trading in the Senior Notes on the New York
Exchange to begin within 30 days after the original issue date of the Senior Notes. If such listing is obtained, we have no obligation to maintain such listing and may delist the Senior Notes at any time. No assurance can be given that an active
trading market for the Senior Notes will develop or be maintained. If an active trading market does not develop or is not maintained for the Senior Notes, noteholders may not be able to resell them at a particular time at all or at prices acceptable
to them. Although the underwriters for this offering have advised us that they intend to make a market in the Senior Notes after completion of this offering, they are not obligated to do so and may discontinue market making at any time. We cannot
assure you that a liquid trading market will develop for the Senior Notes, that you will be able to sell your Senior Notes at a particular time or that the prices that you receive when you sell will be favorable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our expenses associated with the offer and sale of the Senior Notes are estimated to be $2.93&nbsp;million, excluding the underwriting
discount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the issue of the Senior Notes, Deutsche Bank AG, London Branch (in this capacity, the &#147;Stabilizing
Manager&#148;) may over-allot notes or effect transactions with a view to supporting the market price of the Senior Notes at a level higher than that which might otherwise prevail. However, stabilization may not necessarily occur. Any stabilization
action may begin on or after the date on which adequate public disclosure of the terms of the offer of the Senior Notes is made, and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue of the Senior
Notes and 60 days after the date of the allotment of the Senior Notes. The underwriters have advised us that any stabilization action commenced will be carried out in accordance with applicable laws and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any stabilization action may have the effect of preventing or retarding a decline in the market price of the Senior Notes. They may also cause
the price of the Senior Notes to be higher than the price that would otherwise </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-40 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
exist in the open market in the absence of stabilization actions. The Stabilizing Manager may conduct these transactions in the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market or otherwise. If the Stabilizing Manager commences any stabilization action, it may discontinue them at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect that delivery of the Senior Notes will be made to purchasers on or about May&nbsp;19, 2021, which will be the fifth business day
following the date of this prospectus supplement. Under the E.U. Central Securities Depositaries Regulation, trades in the secondary market generally are required to settle in two London business days unless the parties to any such trade expressly
agree otherwise. Also under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> of the Exchange Act, trades in the secondary market generally are required to settle in two New York business days unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to trade Senior Notes prior to the second business day preceding the closing date of this offering will be required, by virtue of the fact that the Senior Notes initially settle on the fifth business day
after the date of this prospectus supplement, to specify alternative settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Senior Notes who wish to trade the Senior Notes prior to their date of
delivery hereunder should consult their advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The underwriters and their respective affiliates are full service financial
institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and
<FONT STYLE="white-space:nowrap">non-financial</FONT> activities and services. Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of
business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions. In particular, affiliates of certain of the underwriters act as agents and/or lenders under our Third
Amended and Restated Credit Agreement, dated as of June&nbsp;29, 2017, among the Company, Bank of America, N.A., as administrative agent, and the various&nbsp;lenders party thereto, or the <FONT STYLE="white-space:nowrap">364-Day</FONT> Credit
Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a
broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and
securities activities may involve securities and/or instruments of ours or our affiliates. Certain of the underwriters or their affiliates that have a lending relationship with us routinely hedge, and certain other of those underwriters or their
affiliates may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, such underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the
purchase of credit default swaps or the creation of short positions in our securities, including potentially the Senior Notes offered hereby. Any such credit default swaps or short positions could adversely affect future trading prices of the Senior
Notes offered hereby. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients
that they acquire, long and/or short positions in such securities and instruments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conflicts of Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described under &#147;Use of Proceeds,&#148; we primarily intend to use the net proceeds from this offering to redeem all
&#128;500&nbsp;million in aggregate principal amount of our 2022 Notes. Affiliates of certain of the underwriters hold a portion of our 2022 Notes and will receive a portion of the net proceeds from the sale of the Senior Notes in connection with
the redemption of our 2022 Notes. To the extent that net proceeds from this offering are applied to redeem the 2022 Notes to any of the underwriters or their affiliates, they will receive proceeds of this offering through the repayment of that
indebtedness. If 5% or more of the net proceeds of this offering (not including underwriting discount) is used to repay such outstanding indebtedness held by at least one of the underwriters or its affiliates, this offering will be conducted in
accordance with Rule 5121&nbsp;of the FINRA Conduct Rules. In such event, such underwriter or underwriters will not confirm sales of the Senior Notes to accounts over which they exercise discretionary authority without the prior written approval of
the customer. Pursuant to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-41 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
FINRA Rule 5121, the appointment of a qualified independent underwriter is not necessary in connection with this offering because the Senior Notes are &#147;investment grade rated,&#148; as
defined by FINRA Rule 5121. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deutsche Bank Trust Company Americas is serving as the trustee, paying agent, security registrar and transfer
agent with respect to the Senior Notes. Deutsche Bank AG, London Branch, an affiliate of Deutsche Bank Trust Company Americas, is an underwriter for this offering. Pursuant to the Trust Indenture Act, if an event of default were to occur with
respect to the Senior Notes, Deutsche Bank Trust Company Americas may be deemed to have a conflicting interest, by virtue of being an affiliate of one of the underwriters of the Senior Notes. In that event, Deutsche Bank Trust Company Americas would
be required to resign or eliminate the conflicting interest. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Selling Restrictions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Senior Notes
offered by this prospectus supplement in any jurisdiction where action for that purpose is required. The Senior Notes offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any
other offering material or advertisements in connection with the offer and sale of any such Senior Notes be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and
regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This
prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus supplement in any jurisdiction in which such an offer or a solicitation is unlawful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any underwriter that is not a broker-dealer registered with the SEC will only make sales of the Senior Notes in the United States through one
or more registered broker-dealers in compliance with applicable securities laws and the rules of the Financial Industry Regulatory Authority, Inc. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in the United Kingdom </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each underwriter: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">has not offered, sold or otherwise made available, and will not offer, sell or otherwise make available, any
Senior Notes to any retail investor in the United Kingdom; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">has only communicated or caused to be communicated and will only communicate or cause to be communicated an
invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of FSMA) received by it in connection with the issue or sale of the Senior Notes in circumstances in which Section&nbsp;21(1) of the FSMA would not
apply to the issuer; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in
relation to the Senior Notes in, from or otherwise involving the United Kingdom. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of subparagraph
(a)&nbsp;of this provision, the expression &#147;retail investor&#148; means a person who is one (or more) of the following: (i)&nbsp;a retail client, as defined in point (8)&nbsp;of Article 2 of Regulation (EU) No 2017/565 as it forms part of
domestic law by virtue of the EUWA; or (ii)&nbsp;a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as
a professional client, as defined in point (8)&nbsp;of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in the European Economic Area </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Underwriter has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Senior Notes to any
retail investor in the EEA.&nbsp;For the purposes of this provision, the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-42 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
expression &#147;retail investor&#148; means a person who is one (or more) of the following: (i)&nbsp;a retail client as defined in point (11)&nbsp;of Article 4(1) of MiFID II; or (ii)&nbsp;a
customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10)&nbsp;of Article 4(1) of MiFID. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in Canada </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined
in National <FONT STYLE="white-space:nowrap">Instrument&nbsp;45-106</FONT> Prospectus Exemptions or subsection&nbsp;73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National
<FONT STYLE="white-space:nowrap">Instrument&nbsp;31-103</FONT> Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Senior Notes must be made in accordance with an exemption from, or in a transaction not
subject to, the prospectus requirements of applicable securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Securities legislation in certain provinces or territories of
Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser
within the time limit prescribed by the securities legislation of the purchaser&#146;s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#146;s province or territory for
particulars of these rights or consult with a legal advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to section&nbsp;3A.3 of National
<FONT STYLE="white-space:nowrap">Instrument&nbsp;33-105</FONT> Underwriting Conflicts <FONT STYLE="white-space:nowrap">(&#147;NI&nbsp;33-105&#148;),</FONT> the underwriters are not required to comply with the disclosure requirements of <FONT
STYLE="white-space:nowrap">NI&nbsp;33-105</FONT> regarding underwriter conflicts of interest in connection with this offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective
Investors in Hong Kong </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The contents of this prospectus supplement and accompanying prospectus have not been reviewed, approved or
authorized by or registered with any regulatory authority in Hong Kong. The information contained in this prospectus supplement and accompanying prospectus is for information purposes only and does not constitute an offer, solicitation, invitation
or recommendation to subscribe for or purchase any Senior Notes or other securities, other products or to provide any investment advice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are advised to exercise caution in relation to this prospectus supplement and accompanying prospectus. If you are in any doubt about any
of the contents of this prospectus supplement and accompanying prospectus, you should obtain independent professional advice. The Senior Notes have not been, and will not be, offered, sold or delivered by means of any document other than (i)&nbsp;in
circumstances which do not constitute an offer or an invitation to the &#147;public&#148; within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong) (the &#147;Companies (WUMP)
Ordinance&#148;) or the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) (the &#147;SFO&#148;), or (ii)&nbsp;to &#147;professional investors&#148; within the meaning of the SFO and in the manner as permitted under the SFO or the
Companies (WUMP) Ordinance, or (iii)&nbsp;in other circumstances which do not result in this prospectus supplement and accompanying prospectus constituting a &#147;prospectus&#148; within the meaning of the Companies (WUMP) Ordinance, and no
advertisement, invitation or document relating to the Senior Notes has been or will be issued, circulated, distributed or in the possession of any person for the purpose of issue, circulation or distribution (in each case whether in Hong Kong or
elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Senior Notes which are or are
intended to be disposed of only to persons outside Hong Kong or only to &#147;professional investors&#148; within the meaning of the SFO and in the manner permitted under the SFO or the Companies (WUMP) Ordinance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-43 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in Japan </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The offering of the Senior Notes has not been and will not be registered under the Financial Instrument and Exchange Law of Japan.
Consequently, the Senior Notes may not be sold, offered for sale, resold or otherwise transferred, directly or indirectly, in Japan or to or for the account of any Japanese resident or national, except pursuant to any exemption from the registration
requirements of the Securities and Exchange Law of Japan and otherwise in compliance with applicable provisions of Japanese law and regulations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice&nbsp;to&nbsp;Prospective&nbsp;Investors&nbsp;in&nbsp;Korea</B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes have not been and will not be registered with the Financial Services Commission of Korea under the Financial Investment
Services and Capital Markets Act of Korea. Accordingly, the Senior Notes have not been and will not be offered, sold or delivered, directly or indirectly, in Korea or to, or for the account or benefit of, any resident of Korea (as defined in the
Foreign Exchange Transactions Law of Korea and its Enforcement Decree) or to others <FONT STYLE="white-space:nowrap">for&nbsp;re-offering&nbsp;or</FONT> resale, except as otherwise permitted by applicable Korean laws and regulations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in Singapore </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This document has not been, and will not be, registered as a prospectus with the Monetary Authority of Singapore under the Securities and
Futures Act, Chapter 289 of Singapore (&#147;SFA&#148;). Accordingly, this document and any other document or material issued in connection with the offer or sale, or invitation for subscription or purchase, of the Senior Notes may not be issued,
circulated or distributed, nor may the Senior Notes be offered or sold, or be made the subject of any invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an Institutional Investor
(as defined in Section&nbsp;4A of the SFA) pursuant to Section&nbsp;274 of the SFA, (ii)&nbsp;to a Relevant Person (as defined in Section&nbsp;275(2) of the SFA) pursuant to Section&nbsp;275(1), or any person pursuant to an offer referred to in
Section&nbsp;275 (1A), and in accordance with the applicable conditions specified in Section&nbsp;275 of the SFA, or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case
subject to compliance with conditions set forth in the SFA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Where interests are subscribed or purchased under Section&nbsp;275 of the SFA
by a Relevant Person which is: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a corporation (which is not an Accredited Investor (as defined in Section&nbsp;4A of the SFA)) the sole
business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investment and each
beneficiary of the trust is an accredited investor, then securities or securities-based derivative contracts (each term as defined in Section&nbsp;2(1) of the SFA of that corporation or the beneficiaries&#146; rights and interest (howsoever
described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the interests pursuant to an offer made under Section&nbsp;275 except: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to an Institutional Investor or to a Relevant Person, or to any person arising from an offer referred to in
Section&nbsp;275 (1A) or Section&nbsp;276 (4)(i)(B) of the SFA; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">where no consideration is or will be given for the transfer; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">where the transfer is by operation of law; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as specified in Section&nbsp;276(7) of the SFA; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as specified in Regulation 37A of the Securities and Futures (offers of investments) (securities and
securities-based Derivative contracts) Regulations 2018 of Singapore. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Singapore Securities and Futures Act Product
Classification&#151;</I>Solely for the purposes of its obligations pursuant to Sections 309B(1)(a) and 309B(1)(c) of the SFA, the Company has determined, and hereby notifies all </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-44 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
relevant persons (as defined in Section&nbsp;309A of the SFA) that the Senior Notes are &#147;prescribed capital markets products&#148; (as defined in the Securities and Futures (Capital Markets
Products) Regulations 2018 of Singapore) and Excluded Investment Products (as defined in MAS Notice SFA <FONT STYLE="white-space:nowrap">04-N12:</FONT> Notice on the Sale of Investment Products and MAS Notice
<FONT STYLE="white-space:nowrap">FAA-N16:</FONT> Notice on Recommendations on Investment Products). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in Taiwan </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities
laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or
approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding, or otherwise, intermediate the offering and sale of the Senior Notes in Taiwan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in Switzerland </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act
(the &#147;FinSA&#148;) and no application has or will be made to admit the Senior Notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this prospectus supplement nor any other offering or
marketing material relating to the Senior Notes constitutes a prospectus pursuant to the FinSA, and neither this prospectus supplement nor any other offering or marketing material relating to the Senior Notes may be publicly distributed or otherwise
made publicly available in Switzerland. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in the Dubai International Financial Centre </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus supplement relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority
(&#147;DFSA&#148;). This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no
responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for the prospectus
supplement. The Senior Notes to which this prospectus supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Senior Notes should conduct their own due diligence on the Senior Notes. If you do
not understand the contents of this prospectus supplement you should consult an authorized financial advisor. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in
Australia </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the
Australian Securities and Investments Commission (&#147;ASIC&#148;), in relation to the offering. This prospectus supplement does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001
(the &#147;Corporations Act&#148;), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any offer in Australia of the Senior Notes may only be made to persons (the &#147;Exempt Investors&#148;) who are &#147;sophisticated
investors&#148; (within the meaning of section 708(8) of the Corporations Act), &#147;professional investors&#148; (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section
708 of the Corporations Act so that it is lawful to offer the notes without disclosure to investors under Chapter 6D of the Corporations Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Senior
Notes applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-45 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a
disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring the Senior Notes must observe such Australian <FONT STYLE="white-space:nowrap">on-sale</FONT> restrictions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus supplement contains general information only and does not take account of the investment objectives, financial situation or
particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus supplement is
appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notice to Prospective Investors in
the United Arab Emirates </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Notes have not been, and are not being, publicly offered, sold, promoted or advertised in the
United Arab Emirates (including the Abu Dhabi Global Market and the Dubai International Financial Centre) other than in compliance with the laws, regulations and rules of the United Arab Emirates, the Abu Dhabi Global Market and the Dubai
International Financial Centre governing the issue, offering and sale of securities. Further, this prospectus supplement and the accompanying prospectus do not constitute a public offer of securities in the United Arab Emirates (including the Abu
Dhabi Global Market and the Dubai International Financial Centre) and are not intended to be a public offer. This prospectus supplement and the accompanying prospectus have not been approved by or filed with the Central Bank of the United Arab
Emirates, the Securities and Commodities Authority, the Financial Services Regulatory Authority or the Dubai Financial Services Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-46 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_12"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The legality of the issuance of the Senior Notes will be passed upon for us by Foley&nbsp;&amp; Lardner LLP, Milwaukee, Wisconsin, and for the
underwriters by Mayer Brown LLP, Chicago, Illinois. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_13"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial statements and management&#146;s assessment of the effectiveness of internal control over financial reporting (which is included
in Management&#146;s Report on Internal Control over Financial Reporting) incorporated in this prospectus supplement by reference to the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2020
have been so incorporated in reliance on the report (which contains an explanatory paragraph on the effectiveness of internal control over financial reporting due to the exclusion of Delphi Technologies PLC because it was acquired by the Company in
a purchase business combination during 2020) of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_14"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. The SEC maintains a
website that contains reports, proxy and information statements and other information that issuers, including BorgWarner, file electronically with the SEC. The public can obtain any documents that we file with the SEC at www.sec.gov. We also make
available free of charge on or through our own website at www.borgwarner.com our Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K,&nbsp;Quarterly</FONT> Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q,&nbsp;Current</FONT>
Reports on <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;and,</FONT> if applicable, amendments to those reports filed or furnished pursuant to Section&nbsp;13(a) of the Exchange Act as soon as reasonably practicable after we electronically
file such material with, or furnish it to, the SEC. We make our website content available for information purposes only. It should not be relied upon for investment purposes, nor is it incorporated by reference into this prospectus supplement or the
accompanying prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have filed a registration statement (Registration
<FONT STYLE="white-space:nowrap">No.&nbsp;333-236478)</FONT> (together with all amendments to the registration statement, collectively, the &#147;Registration Statement&#148;) with the SEC under the Securities Act with respect to the offering and
sale of various securities, including the Senior Notes offered under this prospectus supplement. This prospectus supplement and the accompanying prospectus do not contain all of the information included in the Registration Statement and the exhibits
and schedules thereto. For further information with respect to us and our securities, we refer you to the Registration Statement and the exhibits thereto. Statements in this prospectus supplement and the prospectus concerning the provisions of
documents are necessarily summaries of such documents, and each such statement is qualified in its entirety by reference to the copy of the applicable document filed with the SEC. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-47 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="srom425566_15"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC allows us to &#147;incorporate by reference&#148; into this prospectus supplement and the accompanying prospectus the information in
documents 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 a part of this prospectus supplement and the accompanying
prospectus, and information that we file later with the SEC prior to the termination of this offering will automatically update and supersede this information. Any statement contained in any document incorporated or deemed to be incorporated by
reference in this prospectus supplement and the accompanying prospectus shall be deemed to be modified or superseded for purposes of this prospectus supplement and the accompanying prospectus to the extent that a statement contained in or omitted
from this prospectus supplement or the accompanying prospectus, or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement or the accompanying prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We incorporate by reference the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of
the Exchange Act prior to the termination of this offering: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000090825521000008/bwa-20201231.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the year ended December&nbsp;31, 2020, filed with the SEC on February&nbsp;22, 2021; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000090825521000019/bwa-20210331.htm">Form
 <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the quarter ended March&nbsp;31, 2021, filed with the SEC on May&nbsp;5, 2021; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our definitive proxy statement on <A HREF="http://www.sec.gov/Archives/edgar/data/908255/000120677421000752/bwa3796901-def14a.htm">Schedule
 14A</A>, filed with the SEC on March&nbsp;19, 2021; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our Current Reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000120677421000390/borg3872521-8k.htm">February&nbsp;18,
 2021</A>, as amended on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000120677421000846/borg3887841-8ka.htm">March&nbsp;
26, 2021</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000090825521000014/bwa-20210428.htm">April&nbsp;29, 2021</A>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not incorporate by reference in this prospectus supplement or the accompanying prospectus any documents or portions thereof that are not
deemed &#147;filed&#148; with the SEC, including any information furnished pursuant to Item 2.02 or Item 7.01 of our current reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> unless, and except to the extent, specified in such current
reports. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may obtain any of these incorporated documents from us without charge, excluding any exhibits to these documents unless the
exhibit is specifically incorporated by reference in such document, by requesting them from us in writing or by telephone at the following address: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BorgWarner Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3850 Hamlin Road
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Auburn Hills, Michigan 48326 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attention: Corporate Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(248) <FONT STYLE="white-space:nowrap">754-9200</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Documents may also be available on our website at borgwarner.com. Information contained on our website is not a prospectus and does not
constitute part of, and is not incorporated by reference in, this prospectus supplement or the accompanying prospectus. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-48 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g425566g25s61.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Debt Securities </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Preferred Stock </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Voting
Common Stock </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Non-Voting</FONT> Common Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Depositary Shares </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Warrants </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Units </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may offer from time to time, through one or more underwriters, dealers or agents, or directly to purchasers, the following securities,
together or separately, in one or more offerings, and in amounts, at prices and on terms to be determined at or before the time of offering: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Debt Securities </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Preferred Stock </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Voting Common Stock </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">Non-Voting</FONT> Common Stock </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Depositary Shares </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Warrants </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Units </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus describes some of the general terms that may apply to these securities and the general manner in which they may be offered.
The specific terms of any securities to be offered, and the specific manner in which they may be offered, will be described in supplements to this prospectus. The prospectus supplements may also supplement, update or amend information contained in
this prospectus. You should carefully read this prospectus, any supplement to this prospectus, and any information incorporated by reference in this prospectus or any supplement to this prospectus before you invest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our common stock is listed on the New York Stock Exchange under the trading symbol &#147;BWA.&#148; Each prospectus supplement will indicate
if the securities offered thereby will be listed on any securities exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>Investing in our securities involves risks. Please see
the section entitled &#147;<A HREF="#cov425566_1">Risk Factors</A>&#148; on page&nbsp;3 of this prospectus and in any applicable prospectus supplement and in the documents which are incorporated herein by reference. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these 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-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our principal
executive office is located at 3850&nbsp;Hamlin Road, Auburn Hills, Michigan 48326. Our telephone number is <FONT STYLE="white-space:nowrap">(248)&nbsp;754-9200.</FONT> Our website can be found at <U>www.borgwarner.com</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this prospectus is February&nbsp;18, 2020. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE&nbsp;OF&nbsp;CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_1">A<SMALL>BOUT</SMALL> T<SMALL>HIS</SMALL>
P<SMALL>ROSPECTUS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_2">F<SMALL>ORWARD</SMALL>-L<SMALL>OOKING</SMALL>
S<SMALL>TATEMENTS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_3">A<SMALL>BOUT</SMALL> B<SMALL>ORGWARNER</SMALL>
I<SMALL>NC</SMALL>.</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_4">R<SMALL>ISK</SMALL> F<SMALL>ACTORS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_5">U<SMALL>SE</SMALL> O<SMALL>F</SMALL>
P<SMALL>ROCEEDS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_6">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL>
S<SMALL>ECURITIES</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_7">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> D<SMALL>EBT</SMALL> S<SMALL>ECURITIES
</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_8">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> P<SMALL>REFERRED</SMALL> S<SMALL>TOCK
</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_9">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> C<SMALL>OMMON</SMALL> S<SMALL>TOCK
</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_10">D<SMALL>ESCRIPTION</SMALL> O<SMALL>F</SMALL> D<SMALL>EPOSITARY</SMALL> S<SMALL>HARES
</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_11">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL>
W<SMALL>ARRANTS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_12">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL>
U<SMALL>NITS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_13">F<SMALL>ORM</SMALL> <SMALL>OF</SMALL>
S<SMALL>ECURITIES</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_14">P<SMALL>LAN</SMALL> <SMALL>OF</SMALL>
D<SMALL>ISTRIBUTION</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_15">L<SMALL>EGAL</SMALL> M<SMALL>ATTERS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_16">E<SMALL>XPERTS</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_17">W<SMALL>HERE</SMALL> Y<SMALL>OU</SMALL> C<SMALL>AN</SMALL> F<SMALL>IND</SMALL> M<SMALL>ORE
</SMALL> I<SMALL>NFORMATION</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc425566_18">I<SMALL>NCORPORATION</SMALL> <SMALL>OF</SMALL> D<SMALL>OCUMENTS</SMALL> B<SMALL>Y
</SMALL> R<SMALL>EFERENCE</SMALL></A><SMALL></SMALL></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_1"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of a registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> that we filed with the Securities and
Exchange Commission (&#147;SEC&#148;) using a &#147;shelf&#148; registration process. Under this shelf process, we may, from time to time, sell any combination of the securities described in this prospectus in one or more offerings. This prospectus
provides you with a general description of the securities we may offer. It does not contain all of the information in the registration statement. Each time we sell securities, we will provide a prospectus supplement or more than one prospectus
supplement, together with one or more pricing supplements (collectively, a &#147;prospectus supplement&#148;), that will contain specific information about the terms of the offering. Prospectus supplements may also add, update or change information
contained in this prospectus. If there is any inconsistency between the information in this prospectus and any applicable prospectus supplement, you should rely on the information in the applicable prospectus supplement. The information in this
prospectus speaks only as of the date indicated on the cover of this document, unless the information specifically indicates that another date applies. We urge you to carefully read both this prospectus, any prospectus supplement and the additional
information described under the headings &#147;Where You Can Find More Information&#148; and &#147;Incorporation of Documents by Reference&#148; before making an investment decision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No person is authorized to give any information or to make any representations other than those contained or incorporated by reference in this
prospectus or any prospectus supplement, and, if given or made, such information or representations must not be relied upon as having been authorized. This prospectus and any prospectus supplement do not constitute an offer to sell or the
solicitation of an offer to buy any securities other than the securities described in any such prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation
is unlawful. Neither the delivery of this prospectus or any prospectus supplement, nor any sale made hereunder and thereunder shall, under any circumstances, create any implication that there has been no change in our affairs since the date hereof
or that the information contained or incorporated by reference herein or therein is correct as of any time subsequent to the date of such information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The registration statement of which this prospectus is a part, including the exhibits to the registration statement, provides additional
information about us and the securities. Wherever references are made in this prospectus to information that will be included in a prospectus supplement, to the extent permitted by applicable law, rules or regulations, we may instead include such
information or add, update or change the information contained in this prospectus by means of a post-effective amendment to the registration statement of which this prospectus is a part, through filings we make with the SEC that are incorporated by
reference into this prospectus or by any other method as may then be permitted under applicable law, rules or regulations. The registration statement, including the exhibits to the registration statement and any post-effective amendment thereto, can
be obtained from the SEC, as described under the heading &#147;Where You Can Find More Information.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">References in this prospectus
to the terms the &#147;Company,&#148; &#147;we&#148; or &#147;us&#148; mean BorgWarner Inc. and its consolidated subsidiaries, unless we state otherwise or the context indicates otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_2"></A>FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain statements contained or incorporated by reference in this prospectus or any prospectus supplement may constitute &#147;forward-looking
statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995, Section&nbsp;27A of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and Section&nbsp;21E of the Securities Exchange Act of 1934.
Such statements are based on management&#146;s current outlook, expectations, estimates and projections. Words such as &#147;anticipates,&#148; &#147;believes,&#148; &#147;continues,&#148; &#147;could,&#148; &#147;designed,&#148; &#147;effect,&#148;
&#147;estimates,&#148; &#147;evaluates,&#148; &#147;expects,&#148; &#147;forecasts,&#148; &#147;goal,&#148; &#147;initiative,&#148; &#147;intends,&#148; &#147;outlook,&#148; &#147;plans,&#148; &#147;potential,&#148; &#147;project,&#148;
&#147;pursue,&#148; &#147;seek,&#148; &#147;should,&#148; &#147;target,&#148; &#147;when,&#148; &#147;would,&#148; and variations of such words and similar expressions are intended to identify such forward-looking statements. Further, all
statements, other than statements of historical fact contained or incorporated by reference in this prospectus or any prospectus supplement, that we expect or anticipate will or may occur in the future regarding our financial position, business
strategy and measures to implement that strategy, including changes to operations, competitive strengths, goals, expansion and growth of our business and operations, plans, references to future success and other such matters, are forward-looking
statements. All forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe
are appropriate in the circumstances. Forward-looking statements are not guarantees of performance and the Company&#146;s actual results may differ materially from those expressed, projected or implied in or by the forward-looking statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should not place undue reliance on these forward-looking statements. Forward-looking statements are subject to risks and uncertainties,
many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, among
others, include: our dependence on automotive and truck production, both of which are highly cyclical; our reliance on major original equipment manufacturer customers; commodities availability and pricing; supply disruptions; fluctuations in
interest rates and foreign currency exchange rates; availability of credit; our dependence on key management; our dependence on information systems; the uncertainty of the global economic environment; the outcome of existing or any future legal
proceedings, including litigation with respect to various claims; future changes in laws and regulations, including, by way of example, tariffs, in the countries in which we operate; and the other risks noted in the section entitled &#147;Risk
Factors&#148; in this prospectus, any prospectus supplement, and in our periodic reports and other filings with the SEC. We do not undertake any obligation to update or to announce publicly any updates or revisions to any of the forward-looking
statements contained or incorporated by reference in this prospectus to reflect any change in our expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying the statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_3"></A>ABOUT BORGWARNER INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BorgWarner Inc. (together with its Consolidated Subsidiaries, the &#147;Company&#148;) is a Delaware corporation incorporated in 1987. We are
a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. Our products help improve vehicle performance, propulsion efficiency, stability and air quality. We manufacture and sell these products
worldwide, primarily to original equipment manufacturers (&#147;OEMs&#148;) of light vehicles (passenger cars, sport-utility vehicles (&#147;SUVs&#148;), vans and light trucks). The Company&#146;s products are also sold to OEMs of commercial
vehicles (medium-duty trucks, heavy-duty trucks and buses) and <FONT STYLE="white-space:nowrap">off-highway</FONT> vehicles (agricultural and construction machinery and marine applications). We also manufacture and sell our products to certain Tier
One vehicle systems suppliers and into the aftermarket for light, commercial and <FONT STYLE="white-space:nowrap">off-highway</FONT> vehicles. The Company operates manufacturing facilities serving customers in Europe, the Americas and Asia and is an
original equipment supplier to every major automotive OEM in the world. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our principal executive office is located at 3850 Hamlin Road,
Auburn Hills, Michigan 48326, our telephone number is (248) <FONT STYLE="white-space:nowrap">754-9200,</FONT> and our website address is www.borgwarner.com. The information on our website is not incorporated by reference in, and does not form a part
of, this prospectus or any prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional information about us, including our audited financial statements and
descriptions of our business, is contained in the documents incorporated by reference in this prospectus. See &#147;Where You Can Find More Information&#148; and &#147;Incorporation of Documents by Reference&#148; below. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_4"></A><A NAME="cov425566_1"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investing in our securities involves risks. You should carefully read and consider the risk factors included in our periodic reports filed
with the SEC, in any prospectus supplement relating to a specific offering of securities and in any other documents we file with the SEC, including without limitation those risk factors described under the headings &#147;Item 1A, &#145;Risk
Factors&#146;&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2019. See &#147;Where You Can Find More Information&#148; and &#147;Incorporation of Documents by Reference&#148;
below. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_5"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless we inform you otherwise in a prospectus supplement, we intend to use the net proceeds of any securities sold for general corporate
purposes, which may include, among other things, additions to working capital, repayment or refinancing of existing indebtedness or other corporate obligations, financing of capital expenditures and acquisitions, investment in existing and future
projects, and repurchases and redemptions of securities. Pending any specific application, we may initially invest funds in short-term marketable securities or apply them to the reduction of short-term indebtedness. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_6"></A>DESCRIPTION OF SECURITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus contains a summary of the debt securities, preferred stock, voting common stock,
<FONT STYLE="white-space:nowrap">non-voting</FONT> common stock, depositary shares, warrants and units that we may offer from time to time. These summaries are not meant to be a complete description of each security. At the time of an offering and
sale, this prospectus and the applicable prospectus supplement will contain the material terms and conditions of the securities being offered. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_7"></A>DESCRIPTION OF DEBT SECURITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following descriptions of the terms of the debt securities set forth certain general terms and provisions of the debt securities. The
particular terms of the debt securities offered will be described in the applicable prospectus supplement. To the extent that any prospectus supplement is inconsistent with any provision in, or contains information in addition to, this summary, the
information contained in such prospectus supplement will control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The debt securities that will be our senior debt securities will be
issued under an Indenture dated as of September&nbsp;23, 1999, as supplemented (the &#147;Senior Debt Indenture&#148;), between us and The Bank of New York Mellon Trust Company, N.A. (successor in interest to Chase Manhattan Trust Company, National
Association) (the &#147;Senior Trustee&#148;). The debt securities that will be our subordinated debt (&#147;Subordinated Debt Securities&#148;) will be issued under an Indenture (the &#147;Subordinated Debt Indenture&#148; and, collectively with
the Senior Debt Indenture, the &#147;Indentures&#148;), to be entered into between us and a trustee to be determined (the &#147;Subordinated Trustee&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Debt Indenture was filed as Exhibit 4.6 to Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-172198</FONT> filed
on February&nbsp;11, 2011. The forms of the senior debt securities have been filed, or will be filed, with the SEC and incorporated by reference as exhibits to the registration statement and you should read them for the provisions that may be
important to you. The forms of the Subordinated Debt Indenture and the Subordinated Debt Securities have been filed, or will be filed, with the SEC and incorporated by reference as exhibits to the registration statement and you should read them for
the provisions that may be important to you. The Indentures are subject to and governed by the Trust Indenture Act of 1939, as amended (the &#147;Trust Indenture Act&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have summarized certain provisions of the Indentures and the debt securities below. The summary is not complete and is subject to, and
qualified in its entirety by reference to, the Indentures and the debt securities. Capitalized terms used in the summary have the meanings set forth in the applicable Indenture unless otherwise defined herein. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The debt securities will be our
unsecured senior or subordinated obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indentures do not limit the amount of debt securities that we may issue thereunder and
provide that we may issue debt securities under the Indentures from time to time in one or more series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to the
applicable prospectus supplement for the following terms of and information relating to the offered debt securities (to the extent such terms are applicable to such debt securities): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">classification as senior or subordinated debt securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the specific designation, aggregate principal amount, purchase price and denomination of the offered debt
securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the currency or units based on or relating to currencies in which such debt securities are denominated and/or in
which principal (and premium, if any) and/or any interest will or may be payable; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any date of maturity; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the method by which amounts payable in respect of principal, premium (if any) or interest on, or upon the
redemption of, such debt securities may be calculated, and any currencies or indices, or value, rate or price, relevant to such calculation; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">interest rate or rates (or the method by which such rate or rates will be determined), if any;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the date or dates on which any such interest or other amounts will be payable; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the place or places where the principal of and interest, if any, on the offered debt securities will be payable;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any redemption, repayment or sinking fund provisions for the offered debt securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">whether the securities will be issued in whole or in part in the form of one or more global securities and, if
so, the depositary for those global securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any applicable U.S. federal income tax consequences, including whether and under what circumstances we will pay
additional amounts on offered debt securities held by a person who is not a U.S. person (as defined in this prospectus or the applicable prospectus supplement) in respect of any tax, assessment or governmental charge withheld or deducted and, if so,
whether we will have the option to redeem such debt securities rather than pay such additional amounts; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the anticipated market for the offered debt securities; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any other specific terms of the offered debt securities, including any additional or different events of default,
remedies or covenants provided for with respect to such debt securities, and any terms which may be required by or advisable under applicable laws or regulations. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the applicable prospectus
supplement states otherwise, principal of, premium, if any, and interest, if any, on the debt securities will be payable, and the debt securities will be transferable, at the corporate trust office of the applicable Trustee. However, interest may be
paid at our option by check mailed to the address of the holder entitled to the interest as it appears on the applicable security register. We will have the right to require a holder of any debt security, in connection with any payment on the debt
security, to certify information to us or, in the absence of certification, we may rely on any legal presumption to enable us to determine our obligation, if any, to deduct or withhold taxes, assessments or governmental charges from the payment.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Definitions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Attributable Indebtedness&#148; means, with respect to any Sale/Leaseback Transaction as of any particular time, the present value
(discounted at the rate of interest implicit in the terms of the lease) of the obligations of the lessee under such lease for Net Rental Payments during the remaining term of the lease (including any period for which such lease has been extended).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Consolidated Net Tangible Assets&#148; means the total amount of assets (less applicable reserves and other properly deductible
items) after deducting therefrom (1)&nbsp;all current liabilities (excluding any current liabilities which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12&nbsp;months after the time as of which
the amount thereof is being computed), (2) all goodwill, trade names, trademarks, patents and other like intangibles and (3)&nbsp;appropriate adjustments on account of <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests of other
Persons holding stock of our Subsidiaries, all as set forth on the most recent balance sheet of the Company and its consolidated subsidiaries (but, in any event, as of a date within 150 days of the date of determination) and computed in accordance
with generally accepted accounting principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Consolidated Net Worth&#148; means the amount of total stockholders&#146; equity
shown in our most recent consolidated statement of financial position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Current Assets&#148; of any Person includes all assets of
such Person that would in accordance with generally accepted accounting principles be classified as current assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Current
Liabilities&#148; of any Person includes all liabilities of such Person that would in accordance with generally accepted accounting principles be classified as current liabilities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Net Rental Payments&#148; under any lease for any period means the sum of the rental
and other payments required to be paid in such period by the lessee thereunder, not including, however, any amounts required to be paid by such lessee (whether or not designated as rental or additional rental) on account of maintenance and repairs,
insurance, taxes, assessments or similar charges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&#147;Non-Recourse</FONT> Indebtedness&#148; means our
indebtedness or the indebtedness of any of our Subsidiaries in respect of which the recourse of the holder of such indebtedness, whether direct or indirect and whether contingent or otherwise, is effectively limited to specified assets, and with
respect to which neither we nor any of our Subsidiaries provide any credit support. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Person&#148; means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Principal Property&#148; means any manufacturing plant or warehouse, together with the land upon which it is erected and fixtures
comprising a part thereof, that we own or that is owned by one of our Subsidiaries which constitutes a &#147;significant subsidiary&#148; as defined in Rule <FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation
<FONT STYLE="white-space:nowrap">S-X</FONT> of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and is located in the United States, the gross book value (without deduction of any reserve for depreciation) of which on
the date as of which the determination is being made is an amount which exceeds 1% of Consolidated Net Tangible Assets, other than any such manufacturing plant or warehouse or any portion thereof (together with the land upon which it is erected and
fixtures comprising a part thereof)&nbsp;(1) which is financed by industrial development bonds or (2)&nbsp;which, in the opinion of our board of directors, is not of material importance to our total business conducted and the total business
conducted by our Subsidiaries, taken as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Sale/Leaseback Transaction&#148; means any arrangement with any Person pursuant to
which we or any of our Subsidiaries lease for a period of more than three years, any real or personal property, which property we have or such Subsidiary has sold or transferred or will sell or transfer to such Person in contemplation of such
leasing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Subsidiary&#148; of a Person means (1)&nbsp;any corporation more than 50% of the outstanding securities having ordinary
voting power of which is owned, directly or indirectly, by such Person or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries, or (2)&nbsp;any partnership or similar business organization more than 50% of the
ownership interests having ordinary voting power of which shall at the time be so owned. For the purposes of this definition, &#147;Securities Having Ordinary Voting Power&#148; means securities or other equity interests that ordinarily have voting
power for the election of directors, or persons having management power with respect to the Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Senior Debt </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The debt securities and
coupons, if any, appertaining thereto that will constitute part of our senior debt will be issued under the Senior Debt Indenture and will rank <I>pari passu</I> with all of our other unsecured and unsubordinated debt. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation On Liens </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Debt Indenture provides that we will not, and will not permit any of our Subsidiaries to, issue, assume or guarantee any
indebtedness for money borrowed (&#147;Debt&#148;) if such Debt is secured by a mortgage, pledge, security interest or lien (a &#147;mortgage&#148; or &#147;mortgages&#148;) upon any of our Principal Properties or of any of our Subsidiaries&#146;
Principal Properties or upon any shares of stock or other stock or other equity interest or indebtedness of any of our Subsidiaries (whether such property, shares of stock or other equity interest or indebtedness is now owned or hereafter acquired)
which owns any Principal Property, without in any such case </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-6- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
effectively providing that the debt securities shall be secured equally and ratably with (or prior to) such Debt; <U>provided</U>, <U>however</U>, that the foregoing restrictions shall not apply
to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages existing on the date the debt securities are originally issued or mortgages provided for under the
terms of agreements existing on such date; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages on Current Assets securing Current Liabilities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages on any property we or any of our Subsidiaries acquire, construct, alter or improve after the date of
the Indenture that are created or assumed contemporaneously with or within one year after such acquisition (or, in the case of property constructed, altered or improved, after the completion and commencement of commercial operation of such property,
whichever is later) to secure or provide for the payment of the purchase price or cost of such property, provided that in the case of any such construction, alteration or improvement the mortgages shall not apply to any property we or any of our
Subsidiaries theretofore owned, other than (1)&nbsp;the property so altered or improved and (2)&nbsp;any theretofore unimproved real property on which the property so constructed or altered, or the improvement, is located; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">existing mortgages on property we or any of our Subsidiaries acquire (including mortgages on any property
acquired from a Person that is consolidated with or merged with or into us or any of our Subsidiaries) or mortgages outstanding at the time any Person becomes one of our Subsidiaries that are not incurred in connection with such entity becoming one
of our Subsidiaries; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages in our or any of our Subsidiaries&#146; favor; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">mortgages on any property (1)&nbsp;in favor of domestic or foreign governmental bodies to secure partial,
progress, advance or other payments pursuant to any contract or statute, (2)&nbsp;securing indebtedness incurred to finance all or any part of the purchase price or cost of constructing, installing or improving the property subject to such
mortgages, including mortgages to secure Debt of the pollution control or industrial revenue bond type, or (3)&nbsp;securing indebtedness issued or guaranteed by the United States, any state, any foreign country or any department, agency,
instrumentality or political subdivision of any such jurisdiction; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part,
of any mortgage referred to in the foregoing bullet points; provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, together
with the reasonable costs related to such extension, renewal or replacement, and that such extension, renewal or replacement shall be limited to all or a part of the property that secured the mortgage so extended, renewed or replaced (plus
improvements on such property). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, we and any of our Subsidiaries may, without securing the
debt securities, issue, assume or guarantee secured Debt (that would otherwise be subject to the foregoing restrictions) in an aggregate amount that, together with all other such secured Debt and the aggregate amount of our and our
Subsidiaries&#146; Attributable Indebtedness deemed to be outstanding in respect of all Sale/Leaseback Transactions entered into pursuant to the provisions described below under &#147;&#151; Limitation on Sale/Leaseback Transactions&#148; (excluding
any such Sale/Leaseback Transactions the proceeds of which have been applied in accordance with clauses (2)&nbsp;or (3) under the &#147;&#151; Limitation on Sale/Leaseback Transactions&#148; covenant described below), does not exceed 10% of the
Consolidated Net Worth, as shown on a consolidated balance sheet as of a date not more than 90 days prior to the proposed transaction we prepare in accordance with generally accepted accounting principles in the United States of America. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation On Sale/Leaseback Transactions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Senior Debt Indenture provides that we will not, and will not permit any of our Subsidiaries to, enter into any Sale/Leaseback Transaction
with any Person (other than us or one of our Subsidiaries) unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">at the time of entering into such Sale/Leaseback Transaction, we or such Subsidiary would be entitled to incur
Debt, in a principal amount equal to the Attributable Indebtedness with respect to such Sale/Leaseback Transaction, secured by a mortgage on the property subject to such Sale/Leaseback Transaction, pursuant to the provisions of the covenant
described under &#147;&#151; Limitation on Liens&#148; without equally and ratably securing the debt securities pursuant to such provisions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">after the date on which debt securities are first issued, and within a period commencing six months prior to
the consummation of such Sale/Leaseback Transaction and ending six months after the consummation thereof, we or such Subsidiary shall have expended for property used or to be used in our or such Subsidiary&#146;s ordinary course of business
(including amounts expended for additions, expansions, alterations, repairs and improvements thereto) an amount equal to all or a portion of the net proceeds of such Sale/Leaseback Transaction, and we shall have elected to designate such amount as a
credit against such Sale/Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (3)&nbsp;below); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">during the <FONT STYLE="white-space:nowrap">12-month</FONT> period after the effective date of such
Sale/Leaseback Transaction, we shall have applied to the voluntary defeasance or retirement of debt securities or any of our <I>pari passu</I> indebtedness an amount equal to the net proceeds of the sale or transfer of the property leased in such
Sale/Leaseback Transaction, which amount shall not be less than the fair value of such property at the time of entering into such Sale/Leaseback Transaction (adjusted to reflect any amount we expended as set forth in clause (2)&nbsp;above), less an
amount equal to the principal amount of such debt securities and <I>pari passu</I> indebtedness we voluntarily defeased or retired within such <FONT STYLE="white-space:nowrap">12-month</FONT> period and not designated as a credit against any other
Sale/Leaseback Transaction we or any of our Subsidiaries entered into during such period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified in
the applicable prospectus supplement relating to a particular series of offered debt securities, the covenants applicable to the debt securities would not necessarily afford holders protection in the event that we are involved in a highly leveraged
or other transaction, or in the event of a material adverse change in our financial position or results of operations. Unless otherwise specified in the applicable prospectus supplement relating to a particular series of offered debt securities, the
debt securities do not contain any other provisions that are designed to afford protection in the event that we are involved in a highly leveraged transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subordinated Debt </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The debt securities
and coupons, if any, attached to such debt securities that will constitute part of the Subordinated Debt Securities will be issued under the Subordinated Debt Indenture and will be subordinate and junior in right of payment, to the extent and in the
manner set forth in the Subordinated Debt Indenture, to all of our Senior Indebtedness. The Subordinated Debt Indenture defines &#147;Senior Indebtedness&#148; as all of our indebtedness, including indebtedness we have guaranteed or assumed, for
borrowed money or evidenced by bonds, debentures, notes, letters of credit, interest rate exchange agreements, currency exchange agreements, commodity forward contracts or other similar instruments, or indebtedness or obligations with respect to any
lease of real or personal property whether existing on the date hereof or hereinafter incurred, and any guarantee, amendments, renewals, extensions, modifications and refundings of any such indebtedness or obligation, provided that Senior
Indebtedness shall not include (1)&nbsp;obligations that, when incurred and without respect to any election under Section&nbsp;1111(b) of Title 11, United States Code, were without recourse to the issuer, (2)&nbsp;our obligations to any of our
Subsidiaries and (3)&nbsp;any other obligations which by the terms of the instrument creating or evidencing the same are specifically designated as not being senior in right of payment to the Subordinated Debt Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-8- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event (1)&nbsp;of any insolvency or bankruptcy proceedings, or any receivership,
liquidation or other similar proceedings including reorganization in respect of our company or a substantial part of our property, or (2)&nbsp;that (a) a default shall have occurred with respect to the payment of principal of (and premium, if any)
or any interest on or other monetary amounts due and payable on any Senior Indebtedness or (b)&nbsp;there shall have occurred an event of default (other than a default in the payment of principal, premium, if any, or interest, or other monetary
amounts due and payable) with respect to any Senior Indebtedness, as defined therein or in the instrument under which the same is outstanding, permitting the holder or holders thereof to accelerate the maturity thereof, and such default or event of
default shall not have been cured or waived or shall not have ceased to exist, unless, in the case of a default under clause (b)&nbsp;above, the default with respect to the Senior Indebtedness is cured or waived, or 180 days pass after notice of the
default is given to the holders of Senior Indebtedness (unless the maturity of such Senior Indebtedness has been accelerated), then the holders of all Senior Indebtedness shall first be entitled to receive payment of the full amount unpaid thereon,
or provision shall be made, in accordance with the relevant Senior Indebtedness, for such payment in money or money&#146;s worth, before the holders of any of the Subordinated Debt Securities or coupons are entitled to receive a payment on account
of the principal of (and premium, if any) or any interest on the indebtedness evidenced by such Subordinated Debt Securities or of such coupons. No new period of suspension of payments under clause (b)&nbsp;above may be commenced by reason of the
same event of default (or any other event of default that existed or was continuing on the date of the commencement of such period) within twelve months after the first such notice relating thereto. Without limitation of the foregoing, upon any
acceleration of the Subordinated Debt Securities because of an event of default, we must promptly notify the holders of Senior Indebtedness of such acceleration, and may not pay the Subordinated Debt Securities unless (A) 120 days pass after such
acceleration and (B)&nbsp;the terms of the Subordinated Debt Indenture permit such payment at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By reason of such subordination,
in the event of our bankruptcy, insolvency or liquidation, our creditors who are holders of Senior Indebtedness and our general creditors may recover more, ratably, than holders of the Subordinated Debt Securities. Certain of our contingent
obligations, including certain guarantees, letters of credit, interest rate exchange agreements, currency exchange agreements and commodity forward contracts, would constitute Senior Indebtedness if we became obligated to pay such contingent
obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect from time to time to incur additional indebtedness constituting Senior Indebtedness. The Subordinated Debt
Indenture does not prohibit or limit the incurrence of additional Senior Indebtedness or any other indebtedness and does not require us to adhere to financial covenants or similar restrictions. To the extent we issue Subordinated Debt Securities, we
refer you to the applicable prospectus supplement for the amount of Senior Indebtedness outstanding. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Guarantees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each prospectus supplement will describe any guarantees of debt securities for the benefit of the series of debt securities to which it
relates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conversion and Exchange </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms, if any, on which debt securities of any series will be convertible into or exchangeable for our common stock or preferred stock,
property or cash, or a combination of any of the foregoing, will be summarized in the applicable prospectus supplement. Such terms may include provisions for conversion or exchange, either on a mandatory basis, at the option of the holder, or at our
option, in which case the number of our shares of common stock or preferred stock to be received by the holders of the debt securities would be calculated according to the factors and at such time as summarized in the applicable prospectus
supplement. The applicable prospectus supplement will also summarize the material federal income tax consequences applicable to such convertible or exchangeable debt securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Events of Default </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An &#147;Event of Default&#148; is defined under each Indenture with respect to debt securities of any series issued under such Indenture as
being: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in the payment of any interest on any debt security when it becomes due and payable, and continuance of
such default for a period of 30 days; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in the payment of the principal of any debt security at its maturity; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">default in our performance (or our breach) of any of our covenants or agreements in such Indenture, continued for
90 days after we receive written notice; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acceleration of, or any failure to pay at final maturity, any of our or our Subsidiaries&#146; Debt (other than
the debt securities or <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Indebtedness) in an aggregate amount in excess of $25&nbsp;million if such acceleration is not rescinded or annulled, or such indebtedness shall not have been discharged,
within 15 days after we receive written notice thereof; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">certain events of our or of one of our Significant Subsidiaries&#146; bankruptcy, insolvency or reorganization.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Indenture provides that if an Event of Default, other than certain events with respect to our bankruptcy,
insolvency or reorganization, shall occur and be continuing, then the Senior Trustee or the Subordinated Trustee, as the case may be, or the holders of not less than 25% in aggregate principal amount of the outstanding debt securities may, by a
notice in writing to us (and to the Senior Trustee or the Subordinated Trustee, as the case may be, if given by the holders), declare the principal of the debt securities, and all accrued and unpaid interest thereon, to be due and payable
immediately. If an Event of Default with respect to certain events of our bankruptcy, insolvency or reorganization shall occur and be continuing, then the principal on the debt securities, and all accrued and unpaid interest thereon, shall be due
and payable immediately without any act on the part of the Senior Trustee or the Subordinated Trustee, as the case may be, or any holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of not less than a majority in principal amount of the outstanding debt securities may, on behalf of the holders of all of the
debt securities, waive any past default under the Indenture and its consequences, except a default (1)&nbsp;in respect of the payment of principal of or interest on the debt securities or (2)&nbsp;in respect of a covenant or provision that cannot be
modified or amended without the consent of each holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under each Indenture we are required to file annually with the Senior Trustee or
the Subordinated Trustee, as the case may be, an officers&#146; certificate as to our compliance with all conditions and covenants. Each Indenture will provide that the Senior Trustee or the Subordinated Trustee, as the case may be, may withhold
notice to the holders of the debt securities of any default (except payment defaults on the debt securities) if it considers it to be in the interest of such holders to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of each Indenture relating to the duties of the Senior Trustee or the Subordinated Trustee, as the case may be, each
Indenture provides that when an Event of Default occurs and is continuing, the Senior Trustee or the Subordinated Trustee, as the case may be, will be under no obligation to exercise any of its rights or powers under such Indenture at the request or
direction of any of the holders, unless such holders shall have offered to the Senior Trustee or the Subordinated Trustee, as the case may be, reasonable security or indemnity. Subject to such provisions concerning the rights of the Senior Trustee
or the Subordinated Trustee, as the case may be, the holders of a majority in aggregate principal amount of the outstanding debt securities will have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Senior Trustee or the Subordinated Trustee, as the case may be, or exercising any trust or power conferred on the Senior Trustee or the Subordinated Trustee, as the case may be, under such Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidation, Merger and Sale of Assets </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Indenture provides that we will not consolidate with or merge into any other corporation, or convey, transfer or lease, or permit one or
more of our Significant Subsidiaries to convey, transfer or lease, all or substantially all of our property and assets on a consolidated basis, to any Person unless (1)&nbsp;either we are the continuing corporation or such corporation or Person
assumes by supplemental indenture all of our obligations under such Indenture and the debt securities issued thereunder, (2)&nbsp;immediately after such transaction no Default or Event of Default shall exist and (3)&nbsp;the surviving corporation or
such Person is a corporation, partnership or trust organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Modification or Waiver </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Indenture
provides that we may modify and amend such Indenture, and the Senior Trustee or the Subordinated Trustee, as the case may be, may modify and amend such Indenture with the consent of the holders of not less than a majority in principal amount of the
outstanding debt securities; provided that no such modification or amendment may, without the consent of each holder, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">change the maturity of the principal of, or any installment of interest on, the debt securities;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the principal amount of, or the rate of interest on, the debt securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">change the place or currency of payment of principal of, or interest on, the debt securities;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reduce the percentage of holders necessary to modify or amend such Indenture or to consent to any waiver
thereunder or reduce the requirements for voting or quorum described below; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">modify the foregoing requirements or reduce the percentage of outstanding debt securities necessary to waive any
past default. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Indenture provides that we may modify and amend such Indenture, and the Senior Trustee or the
Subordinated Trustee, as the case may be, may modify and amend such Indenture without the consent of any holder for any of the following purposes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to evidence the succession of another Person to our company and the assumption by such Person of our covenants
contained in such Indenture and the debt securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to add covenants of our company for the benefit of the holders or to surrender any right or power conferred upon
our company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to add Events of Default; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to secure the debt securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to evidence and provide for the acceptance of appointment by a successor Senior Trustee or a successor
Subordinated Trustee, as the case may be; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to cure any ambiguity, defect or inconsistency in such Indenture; provided such action does not adversely affect
the interests of the holders; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to supplement any of the provisions of such Indenture to the extent necessary to permit or facilitate defeasance
and discharge of the debt securities; provided such action shall not adversely affect the interests of the holders; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to conform with the requirements of the Trust Indenture Act. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Defeasance and Covenant Defeasance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may, at our option and at any time, terminate our obligations with respect to the outstanding debt securities (&#147;Defeasance&#148;).
Defeasance means that we will be deemed to have paid and discharged the entire indebtedness represented by the outstanding debt securities, except for (1)&nbsp;the rights of the holders of outstanding debt securities to receive payment in respect of
the principal of and interest on such debt securities when such payments are due, (2)&nbsp;our obligations to issue temporary debt securities, register and transfer or exchange any debt securities, replace mutilated, destroyed, lost or stolen debt
securities, maintain an office or agency for payments in respect of the debt securities and segregate and hold money in trust, (3)&nbsp;the rights, powers, trusts, duties and immunities of the Senior Trustee or the Subordinated Trustee, as the case
may be, and (4)&nbsp;the Defeasance provisions of the applicable Indenture. In addition, we may, at our option and at any time, elect to terminate our obligations with respect to the debt securities (being primarily the restrictions described under
&#147;&#151;&nbsp;Limitation on Liens&#148; and &#147;&#151; Limitation on Sale/Leaseback Transactions&#148;), and any omission to comply with such obligations will not constitute a Default or an Event of Default with respect to the debt securities
(&#147;Covenant Defeasance&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to exercise either Defeasance or Covenant Defeasance: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">we must irrevocably deposit with the Senior Trustee or the Subordinated Trustee, as the case may be, in trust, for the benefit of the holders,
cash in United States dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and interest on
the outstanding debt securities to maturity; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">we must deliver to the Senior Trustee or the Subordinated Trustee, as the case may be, an
opinion of counsel to the effect that the holders of the outstanding debt securities will not recognize income, gain or loss for federal income tax purposes as a result of such Defeasance or Covenant Defeasance, and will be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Defeasance or Covenant Defeasance had not occurred (in the case of Defeasance, such opinion must refer to and be based upon a ruling of the
Internal Revenue Service issued, or a change in applicable federal income tax laws occurring, after the date hereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">no Default or Event
of Default shall have occurred and be continuing on the date of such deposit or, insofar as the last bullet point under the first paragraph under &#147;&#151; Events of Default&#148; is concerned, at any time during the period ending the 91st day
after the date of deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">such Defeasance or Covenant Defeasance shall not cause the Senior Trustee or the Subordinated Trustee, as the case may be, to have a
conflicting interest (as defined by the Trust Indenture Act) with respect to any of our securities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">such Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under, the applicable Indenture or any material agreement or instrument to which we are a party or by which we are bound; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">we shall have delivered to the Senior Trustee or the Subordinated Trustee, as the case may be, an officers&#146; certificate and an opinion of
counsel, each stating that all conditions precedent under the applicable Indenture to either Defeasance or Covenant Defeasance, as the case may be, have been complied with and that no violations under agreements governing any other outstanding Debt
would result. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Satisfaction and Discharge </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Indenture provides that it will be discharged and will cease to be of further effect (except as to any surviving rights of registration of
transfer or exchange of the debt securities, as expressly provided for in such Indenture) as to all outstanding debt securities when (1)&nbsp;either (a) all the debt securities theretofore authenticated and delivered (except lost, stolen or
destroyed debt securities which have been replaced or paid and debt </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-12- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
securities for whose payment money or certain U.S. Government Obligations has theretofore been deposited in trust or segregated and held in trust by us and thereafter repaid to us or discharged
from such trust) have been delivered to the Senior Trustee or the Subordinated Trustee, as the case may be, for cancellation or (b)&nbsp;all debt securities not theretofore delivered to the Senior Trustee or the Subordinated Trustee, as the case may
be, for cancellation have become due and payable or will become due and payable at maturity within one year and we have irrevocably deposited or caused to be deposited with the Senior Trustee or the Subordinated Trustee, as the case may be, funds in
an amount sufficient to pay and discharge the entire indebtedness on the debt securities not theretofore delivered to the Senior Trustee or the Subordinated Trustee, as the case may be, for cancellation, for principal of and interest on the debt
securities to the date of deposit together with irrevocable instructions from us directing the Senior Trustee or the Subordinated Trustee, as the case may be, to apply such funds to the payment thereof at maturity; (2)&nbsp;we have paid or have
caused to be paid all other sums payable under such Indenture by us; and (3)&nbsp;we have delivered to the Senior Trustee or the Subordinated Trustee, as the case may be, an officers&#146; certificate and an opinion of counsel stating that all
conditions precedent under such Indenture relating to the satisfaction and discharge of such Indenture have been complied with. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Trustees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indentures and provisions of the Trust Indenture Act incorporated by reference therein contain limitations on the rights of the Senior
Trustee or the Subordinated Trustee, as the case may be, should the Senior Trustee or the Subordinated Trustee, as the case may be, become one of our creditors, to obtain payment of claims in certain cases. We may from time to time maintain bank
accounts and have other customary banking relationships with and obtain credit facilities and lines of credit from the Senior Trustee or the Subordinated Trustee, in the ordinary course of business; <U>provided</U>, <U>however</U>, that if the
Senior Trustee or the Subordinated Trustee, as the case may be, acquires any conflicting interest (as defined in Section&nbsp;310(b) of the Trust Indenture Act), it must eliminate such conflict or resign. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have appointed the Senior Trustee, at the offices specified in the Senior Debt Indenture, as registrar, principal paying agent and transfer
agent for the senior debt securities. We will appoint the Subordinated Trustee, at the offices specified in the Subordinated Debt Indenture, as registrar, principal paying agent and transfer agent for the Subordinated Debt Securities. In such
capacities, the Senior Trustee or the Subordinated Trustee, as the case may be, will be responsible for, among other things, (1)&nbsp;maintaining a record of the aggregate holdings of global securities and accepting debt securities for exchange and
registration of transfer, (2)&nbsp;ensuring that payments of principal of and interest on global securities and other debt securities received from us by the Senior Trustee or the Subordinated Trustee, as the case may be, are duly paid to The
Depository Trust Company (&#147;DTC&#148;) or its nominee or the holders thereof, as the case may be, and (3)&nbsp;transmitting to us any notices from holders of debt securities. We will cause the transfer agent to act as a registrar. We may vary or
terminate the appointment of the transfer agent or appoint additional or other transfer agents or approve any change in the office through which any transfer agent acts. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Book-Entry Issuance; Global Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise provided in the applicable prospectus supplement, we will issue each debt security in book-entry form only. Each debt security
issued in book-entry form will be represented by a global security that we deposit with and register in the name of one or more financial institutions or clearing systems, or their nominees, which we select. A financial institution or clearing
system that we select for any security for this purpose is called the &#147;depositary&#148; for that security. The depositary holds the debt securities on behalf of other financial institutions that participate in the depositary&#146;s book-entry
system; these participating institutions, in turn, hold beneficial interests in the securities on behalf of themselves or their customers. Under the Indentures, only the person in whose name a security is registered is recognized as the holder of
that security. Consequently, for securities issued in global form, we will recognize only the depositary as the holder of the securities and we will make all payments on the securities, including deliveries of any property, to the depositary. The
depositary passes along the payments it receives to its participants, which in turn pass the payments along to their customers </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-13- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms
of the securities. As a result, investors will not own securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary&#146;s book-entry
system or holds a beneficial interest through a participant. As long as the securities are issued in global form, investors will be indirect owners, and not holders, of the securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise provided in the applicable prospectus supplement, The Depository Trust Company, or DTC, will act as the depositary for the
debt securities. The debt securities will be issued as fully-registered securities registered in the name of Cede&nbsp;&amp; Co. (DTC&#146;s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One or
more fully-registered security certificates will be issued for each issue of debt securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">DTC, the world&#146;s largest securities
depositary, is a limited-purpose trust company organized under the New York Banking Law, a &#147;banking organization&#148; within the meaning of the New York Banking Law, a member of the Federal Reserve System, a &#147;clearing corporation&#148;
within the meaning of the New York Uniform Commercial Code and a &#147;clearing agency&#148; registered pursuant to the provisions of Section&nbsp;17A of the Exchange Act. DTC holds and provides asset servicing for U.S. and <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> equity issues, corporate and municipal debt issues and money market instruments that DTC&#146;s participants (&#147;Direct Participants&#148;) deposit with DTC. DTC also facilitates the post-trade
settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants&#146; accounts. This eliminates the need for
physical movement of securities certificates. Direct Participants include both U.S. and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations.
DTC is a wholly-owned subsidiary of The Depository Trust&nbsp;&amp; Clearing Corporation (&#147;DTCC&#148;). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are
registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities brokers and dealers,
banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (&#147;Indirect Participants&#148;). More information about DTC can be found at
www.dtcc.com and www.dtc.org. Such information is not incorporated by reference in, and does not form a part of, this prospectus or any prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Purchases of debt securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the debt
securities on DTC&#146;s records. The ownership interest of each actual purchaser of debt securities (&#147;Beneficial Owner&#148;) is in turn to be recorded on the Direct and Indirect Participants&#146; records. Beneficial Owners will not receive
written confirmation from DTC of their purchases. Beneficial Owners are, however, expected to receive written confirmations providing details of the transactions, as well as periodic statements of their holdings, from the Direct or Indirect
Participants through which the Beneficial Owners purchased debt securities. Transfers of ownership interests in the debt securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of
Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in debt securities, except in the event that use of the book-entry system for the debt securities is discontinued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To facilitate subsequent transfers, all debt securities deposited by Direct Participants with DTC are registered in the name of DTC&#146;s
partnership nominee, Cede&nbsp;&amp; Co., or such other name as may be requested by an authorized representative of DTC. The deposit of debt securities with DTC and their registration in the name of Cede&nbsp;&amp; Co. or such other DTC nominee do
not effect any changes in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the debt securities. DTC&#146;s records reflect only the identity of the Direct Participants to whose accounts such debt securities are credited,
which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-14- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Redemption notices shall be sent to DTC. If less than all of the debt securities are being redeemed, DTC&#146;s practice is to determine
by lot the amount of interest of each Direct Participant in such debt securities to be redeemed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although voting with respect to the debt
securities is limited, in those cases where a vote is required, neither DTC nor Cede&nbsp;&amp; Co. (nor any other DTC nominee) will consent or vote with respect to the debt securities unless authorized by a Direct Participant in accordance with
DTC&#146;s procedures. Under its usual procedures, DTC mails an Omnibus Proxy to us as soon as possible after the record date. The Omnibus Proxy assigns Cede&nbsp;&amp; Co.&#146;s consenting or voting rights to those Direct Participants to whose
accounts debt securities are credited on the record date (identified in a listing attached to the Omnibus Proxy). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Redemption proceeds,
distributions, and dividend payments on the debt securities will be made to Cede&nbsp;&amp; Co., or such other nominee as may be requested by an authorized representative of DTC. DTC&#146;s practice is to credit direct participants&#146; accounts
upon DTC&#146;s receipt of funds and corresponding detail information from us or our agent, on the payable date in accordance with their respective holdings shown on DTC&#146;s records. Payments on the debt securities will be made to Cede&nbsp;&amp;
Co., or such other nominee as may be requested by an authorized representative of DTC. DTC&#146;s practice is to credit Direct Participants&#146; accounts upon DTC&#146;s receipt of funds and corresponding detail information from us or the trustee
on the relevant payment date in accordance with their respective holdings shown on DTC&#146;s records. Payments by Direct or Indirect Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case
with securities held for the account of customers registered in &#147;street name&#148; and will be the responsibility of such Direct or Indirect Participant and not our responsibility or the responsibility of DTC, subject to any statutory or
regulatory requirements as may be in effect from time to time. Payment to Cede&nbsp;&amp; Co. (or such other nominee as may be requested by an authorized representative of DTC) is our responsibility, disbursement of such payments to Direct
Participants is the responsibility of DTC, and disbursement of such payments to the Beneficial Owners is the responsibility of Direct and Indirect Participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as provided herein or in the applicable prospectus supplement, a Beneficial Owner of debt securities will not be entitled to receive
physical delivery of debt securities. Accordingly, each Beneficial Owner must rely on the procedures of DTC to exercise any rights under the debt securities. The laws of some jurisdictions require that certain purchasers of securities take physical
delivery of securities in definitive form. Such laws may impair the ability to transfer beneficial interests in debt securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">DTC may
discontinue providing its services as securities depository with respect to the debt securities at any time by giving reasonable notice to us. Under such circumstances, in the event that a successor securities depository is not obtained, security
certificates will be required to be printed and delivered to the holders of record. Additionally, the Company may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository) with respect to the
debt securities. In that event, security certificates will be printed and delivered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Clearstream</I>. Clearstream Banking, S.A. is
incorporated under the laws of Luxembourg as a professional depositary. Clearstream holds securities for its participating organizations (&#147;Clearstream Participants&#148;) and facilitates the clearance and settlement of securities transactions
between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Clearstream provides Clearstream Participants with, among other
things, services for safekeeping, administration, clearance and establishment of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries. As a professional
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-15- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
depositary, Clearstream is subject to regulation by the Luxembourg Monetary Institute. Clearstream Participants are recognized financial institutions around the world, including underwriters,
securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, and may include the underwriters. Indirect access to Clearstream is also available to others, such as banks, brokers, dealers and trust
companies that clear through or maintain a custodial relationship with a Clearstream Participant either directly or indirectly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Distributions with respect to debt securities held beneficially through Clearstream will be credited to cash accounts of Clearstream
Participants in accordance with its rules and procedures to the extent received by the U.S. Depositary for Clearstream. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Euroclear</I>.
Euroclear Bank S.P./N.V. was created in 1968 to hold securities for participants of Euroclear (&#147;Euroclear Participants&#148;) and to clear and settle transactions between Euroclear Participants through simultaneous electronic book-entry
delivery against payment, thereby eliminating the need for physical movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear includes various other services, including securities lending and
borrowing and interfaces with domestic markets in several markets in several countries. Euroclear is operated by Euroclear Bank S.A./N.V. (the &#147;Euroclear Operator&#148;), under contract with Euro-clear Clearance Systems S.C., a Belgian
cooperative corporation (the &#147;Cooperative&#148;). All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator, not the Cooperative.
The Cooperative establishes policy for Euroclear on behalf of Euroclear Participants. Euroclear Participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries and may include the
underwriters. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear Participant, either directly or indirectly. The Euroclear Operator is regulated and examined by the
Belgian Banking Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Links have been established among DTC, Clearstream and Euroclear to facilitate the initial issuance of debt
securities sold outside of the United States and cross-market transfers of debt securities associated with secondary market trading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although DTC, Clearstream and Euroclear have agreed to the procedures provided below in order to facilitate transfers, they are under no
obligation to perform these procedures, and these procedures may be modified or discontinued at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearstream and Euroclear will
record the ownership interests of their participants in much the same way as DTC, and DTC will record the total ownership of each of the U.S. agents of Clearstream and Euroclear, as participants in DTC. When debt securities are to be transferred
from the account of a DTC participant to the account of a Clearstream participant or a Euroclear participant, the purchaser must send instructions to Clearstream or Euroclear through a participant at least one day prior to settlement. Clearstream or
Euroclear, as the case may be, will instruct its U.S. agent to receive debt securities against payment. After settlement, Clearstream or Euroclear will credit its participant&#146;s account. Credit for the debt securities will appear on the next day
(European time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If settlement takes place during New York business hours, DTC participants will be able to employ their usual procedures
for sending debt securities to the relevant U.S. agent acting for the benefit of Clearstream or Euroclear participants. The sale proceeds will be available to the DTC seller on the settlement date. As a result, to the DTC participant, a cross-market
transaction will settle no differently than a trade between two DTC participants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When a Clearstream or Euroclear participant wishes to
transfer debt securities to a DTC participant, the seller will be required to send instructions to Clearstream or Euroclear through a participant at least one business day prior to settlement. In these cases, Clearstream or Euroclear will instruct
its U.S. agent to transfer these debt securities against payment for them. The payment will then be reflected in the account of the Clearstream or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-16- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Euroclear participant the following day, with the proceeds back valued to the value date, which would be the preceding day, when settlement occurs in New York, if settlement is not completed on
the intended value date, that is, the trade fails, proceeds credited to the Clearstream or Euroclear participant&#146;s account will instead be valued as of the actual settlement date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should be aware that you will only be able to make and receive deliveries, payments and other communications involving the debt securities
through Clearstream and Euroclear on the days when those clearing systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States. In addition,
because of time zone differences there may be problems with completing transactions involving Clearstream and Euroclear on the same business day as in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information in this section concerning the operations and procedures of DTC, Clearstream Luxembourg and Euroclear has been obtained from
sources that we believe to be reliable, but neither we nor the underwriters take responsibility for its accuracy. These operations and procedures are solely within the control of DTC, Euroclear and Clearstream Luxembourg, as applicable, and are
subject to change by them from time to time. None of us, any underwriter or any trustee takes any responsibility for these operations and procedures, and you are urged to contact DTC, Euroclear, Clearstream Luxembourg or their respective
participants to discuss these matters. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_8"></A>DESCRIPTION OF PREFERRED STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our restated
certificate of incorporation authorizes us to issue 5,000,000 shares of preferred stock, par value $0.01 per share. As of the date of this prospectus, no shares of our preferred stock are currently issued and outstanding. Five hundred thousand
shares of preferred stock have been designated as Series A Junior Participating Preferred Stock by resolution of our board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may issue shares of preferred stock from time to time in one or more series, without stockholder approval, when authorized by our board of
directors. Upon issuance of a particular series of preferred stock, our board of directors is authorized to specify: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the designation of and number of shares to be included in the series; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the annual dividend rate for the series and any terms, restrictions or conditions on the payment of dividends;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the manner in which dividends are to be paid; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the redemption price, if any, and the terms and conditions of redemption; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any retirement or sinking fund provisions for the purchase or redemption of the series; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if the series is convertible or exchangeable for other of our securities and the terms and conditions of
conversion or exchange; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the rights of and amounts payable to holders upon our liquidation, dissolution or winding up;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the priority of such series; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the voting rights of such series; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any other rights, preferences and limitations relating to the series. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ability of our board of directors to authorize, without stockholder approval, the issuance of preferred stock with conversion and other
rights, may adversely affect the rights of holders of our voting common stock, <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock or other series of preferred stock that may be outstanding. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Specific Terms of a Series of Preferred Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preferred stock we may offer will be issued in one or more series. Shares of preferred stock, when issued against full payment of its
purchase price, will be fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> Their par value or liquidation preference, however, will not be indicative of the price at which they will actually trade after their issue. If necessary,
the applicable prospectus supplement will provide a description of material U.S. federal income tax consequences relating to the purchase and ownership of the series of preferred stock offered by that prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preferred stock will have the dividend, liquidation, redemption, voting and other rights, preferences, privileges, limitations and
restrictions described in the applicable prospectus supplement. The applicable prospectus supplement will discuss, as applicable, the following features of the series of preferred stock offered thereby: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the designations and stated value per share; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the number of shares offered; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the amount of liquidation preference per share; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the initial public offering price at which the preferred stock will be issued; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the dividend rate, the method of its calculation, the dates on which dividends would be paid and the dates, if
any, from which dividends would cumulate; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">whether dividends are to be paid in cash or other securities or property; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the liquidation rights of the preferred stock; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any redemption or sinking fund provisions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the voting rights of the preferred stock; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any preemptive rights; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any conversion or exchange rights; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any additional dividend, liquidation, redemption, sinking fund and other rights, preferences, privileges,
limitations and restrictions. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rank </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise stated in the applicable prospectus supplement, the preferred stock will have priority over our voting and <FONT
STYLE="white-space:nowrap">non-voting</FONT> common stock with respect to dividends and distribution of assets, but will rank junior to all of our outstanding indebtedness for borrowed money. Any series of preferred stock could rank senior, equal or
junior to our other capital stock, as may be specified in the applicable prospectus supplement, as long as our restated certificate of incorporation so permits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-19- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_9"></A>DESCRIPTION OF COMMON STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary description of our common stock is based on the provisions of our restated certificate of incorporation, our amended and
restated <FONT STYLE="white-space:nowrap">by-laws</FONT> and the applicable provisions of the Delaware general corporation law. This information is qualified entirely by reference to the provisions of our restated certificate of incorporation, our
amended and restated <FONT STYLE="white-space:nowrap">by-laws</FONT> and the Delaware general corporation law. For information on how to obtain copies of our restated certificate of incorporation and our amended and restated <FONT
STYLE="white-space:nowrap">by-laws,</FONT> see &#147;Where You Can Find More Information&#148; and &#147;Incorporation of Documents by Reference&#148; below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized Common Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date
of this prospectus, we have authority to issue 415,000,000 shares of common stock, consisting of 390,000,000 shares of voting common stock, $0.01 par value, and 25,000,000 shares of <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock,
$0.01 par value. As of December&nbsp;31, 2019, 206,407,543 shares of our voting common stock were issued and outstanding, and no shares of our <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock were issued or outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rights of the holders of our voting and <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock discussed below are subject to the
rights that our board of directors may from time to time confer on holders of our preferred stock issued in the future. These rights may adversely affect the rights of holders of our voting common stock,
<FONT STYLE="white-space:nowrap">non-voting</FONT> common stock or both. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Requirements for Advance Notification or Stockholder Proposals and
Nominations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our amended and restated <FONT STYLE="white-space:nowrap">by-laws</FONT> contain provisions requiring that a stockholder
deliver advance notice of any business that such stockholder intends to raise at an annual meeting of stockholders and providing for procedures to be followed if a stockholder wishes to nominate a person to be elected as a director. To be timely,
the stockholder must give written notice to our Secretary not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year&#146;s annual meeting. If the date of the next annual meeting is more than 30 days before, or
more than 60 days after, the first anniversary of the preceding year&#146;s annual meeting, the stockholder must deliver notice to our Secretary not earlier than the 120th day prior to such annual meeting and not later than the close of business on
the later of the 90th day prior to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notice must provide information about the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination
or proposal is being made, each person whom the stockholder proposes to nominate for election or reelection as director, and the business to be brought before the meeting. In addition, if we plan to increase the size of our board of directors, and
we do not publicly announce all of the nominees for election or specify the size of the increased board of directors at least 100 days prior to the first anniversary of the preceding year&#146;s annual meeting, a stockholder will have 10 days
following the date of our public announcement to give notice with respect to nominees for any new positions created by such increase. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special Meetings
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the rights of holders of preferred stock, special meetings of stockholders may be called only by our board of directors
pursuant to a resolution approved by a majority of the total number of directors, or by a person or committee expressly so authorized by our board of directors pursuant to a resolution approved by a majority of the total number of directors.
According to our amended and restated <FONT STYLE="white-space:nowrap">by-laws,</FONT> if we call a special meeting to elect directors to our board of directors, a stockholder entitled to vote may nominate individuals for election if such
stockholder delivers notice to our Secretary not earlier than the 120th day prior to such special meeting and not later than the close of business on the later of the 90th day prior to such special meeting or the 10th day following the day on which
public announcement is first made of the date of the special meeting and of the nominees proposed by our board of directors to be elected at such meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-20- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each holder of our voting common stock is entitled to one vote per share in the election of directors and on all other matters submitted to a
vote of stockholders, and does not have cumulative voting rights. In general, holders of our <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock do not have voting rights, except as provided by applicable law and except that holders of
our <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock are entitled to vote as a separate class on any amendment to our restated certificate of incorporation concerning the voting rights of the holders of
<FONT STYLE="white-space:nowrap">non-voting</FONT> common stock. However, holders of <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock may vote as a separate class on amendments to the restated certificate of incorporation that
adversely affect their powers, preferences or special rights as holders of <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conversion
Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Qualified institutional investors who are subject to regulatory requirements that forbid or limit their right to own voting
common stock may convert their voting common stock into <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">share-for-share</FONT></FONT> basis as needed to satisfy
applicable regulatory requirements, or directly purchase <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock because of such regulatory requirements. Thereafter, the <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock may be
converted into voting common stock on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">share-for-share</FONT></FONT> basis in such circumstances as are permitted by applicable regulatory requirements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dividends </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to any preferential
rights of any of our outstanding preferred stock, holders of our voting common stock and <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock, treated as a single class, are entitled to receive, based on the number of shares held,
dividends in cash, in property, or in shares of our common stock, other than voting common stock, when and as declared by our board of directors from funds legally available for such purpose. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rights Upon Liquidation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we liquidate,
holders of our voting common stock and <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock, treated as a single class, are entitled to receive, based on the number of shares held, all of the assets available for distribution to
stockholders after payment of all prior claims, including any preferential liquidation rights of any preferred stock outstanding at that time. The holders of our voting common stock and <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock
do not have any redemption rights. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of our common stock and <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock do not have preemptive rights to subscribe
to any additional shares of any class of our capital stock. All of our outstanding shares of common stock are, and, upon conversion or exchange, any issued shares of our voting common stock and/or <FONT STYLE="white-space:nowrap">non-voting</FONT>
common stock will be, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> Our voting common stock and <FONT STYLE="white-space:nowrap">non-voting</FONT> common stock do not have any sinking fund provisions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange Listing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our voting common stock
is listed for trading on the New York Stock Exchange under the symbol &#147;BWA.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Some Important Charter and Statutory Provisions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain provisions in our restated certificate of incorporation and our amended and restated <FONT STYLE="white-space:nowrap">by-laws,</FONT>
as well as the Delaware general corporation law, may have the effect of deterring hostile takeovers or delaying changes in control of our company or our management. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-21- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our restated certificate of incorporation provides for the election of all of our directors
at each annual meeting. Stockholders are not entitled to cumulate votes in the election of directors. In addition, our restated certificate of incorporation and our amended and restated <FONT STYLE="white-space:nowrap">by-laws</FONT> provide that
directors may be removed from office at any time, with or without cause, but only by the affirmative vote of holders of a majority of our outstanding voting common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our restated certificate of incorporation further provides that special meetings of the stockholders may only be called at the direction of a
majority of our directors or upon the request of stockholders owning of record 20% or more of our outstanding shares of voting common stock. In addition, our amended and restated <FONT STYLE="white-space:nowrap">by-laws</FONT> establish advance
notice procedures with respect to stockholder proposals and the nominations of candidates for election as directors. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not
followed. Holders of voting common stock may act by written consent provided they meet the procedural requirements of our restated certificate of incorporation. These requirements could delay or deter stockholders&#146; ability to take action
without convening a meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our restated certificate of incorporation also provides that when evaluating any proposal from another party
to (1)&nbsp;make a tender offer for our equity securities, (2)&nbsp;merge or consolidate us with another corporation or (3)&nbsp;purchase or otherwise acquire substantially all of our properties and assets, our board of directors must give due
consideration to all relevant factors, including the social and economic effects on our employees, customers, suppliers and other constituents and the communities in which we operate or are located. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our restated certificate of incorporation provides that a director will not be personally liable for monetary damages to us or our
stockholders for breach of fiduciary duty as a director, except for liability: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for any breach of the director&#146;s duty of loyalty to us or our stockholders; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for paying a dividend or approving a stock repurchase or redemption in violation of Section&nbsp;174 of the
Delaware general corporation law; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for any transaction from which the director derived an improper personal benefit. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our restated certificate of incorporation also provides that each of our current or former directors, officers, employees or agents, or each
such person who is or was serving or who had agreed to serve at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise (including the heirs, executors, administrators or
estate of that person), will be indemnified by us to the fullest extent permitted by the Delaware general corporation law. Our restated certificate of incorporation also specifically authorizes us to enter into agreements with any person providing
for indemnification greater or different than that provided by our restated certificate of incorporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are subject to the
provisions of Section&nbsp;203 of the Delaware general corporation law. In general, the statute prohibits a publicly held Delaware corporation from engaging in a &#147;business combination&#148; with an &#147;interested stockholder&#148; for a
period of three years after the date of the transaction in which the person became an interested stockholder, unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">prior to that date, the board of directors approved either the business combination or the transaction that
resulted in the stockholder becoming an interested stockholder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">when the transaction that resulted in such person becoming an interested stockholder was completed, the
interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding, for purposes of determining the number of shares outstanding, shares owned by some directors or employee stock
plans; or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-22- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">on or after the date the stockholder became an interested stockholder, the business combination is approved by
the board of directors and authorized by the affirmative vote, and not by the written consent, of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding voting stock, excluding the common stock owned by the interested
stockholder. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of Section&nbsp;203, a &#147;business combination&#148; includes a merger, asset sale, or other transaction
resulting in a financial benefit to the interested stockholder. An &#147;interested stockholder&#148; is a person, other than the corporation and any direct or indirect majority-owned subsidiary of the corporation, who together with affiliates and
associates, owns or, as an affiliate or associate, within three years prior, did own, 15% or more of the corporation&#146;s outstanding voting stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-23- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_10"></A>DESCRIPTION OF DEPOSITARY SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fractional Shares of Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
may elect to offer fractional interests in shares of our preferred stock instead of whole shares of preferred stock. If so, we will allow a depositary to issue to the public depositary shares, each of which will represent a fractional interest as
described in the prospectus supplement, of a share of preferred stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Deposit Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The shares of the preferred stock underlying any depositary shares will be deposited under a separate deposit agreement between us and a bank
or trust company acting as depositary with respect to that series. The depositary will have its principal office in the United States and have a combined capital and surplus of at least $50,000,000. The prospectus supplement relating to a series of
depositary shares will include the name and address of the principal executive office of the depositary. Under the deposit agreement, each owner of a depositary share will be entitled, in proportion of its fractional interest in a share of the
preferred stock underlying that depositary share, to all the rights and preferences of that preferred stock, including dividend, voting, redemption, conversion, exchange and liquidation rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Depositary shares will be evidenced by one or more depositary receipts issued under the deposit agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dividends and Other Distributions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
depositary will distribute all cash dividends or other cash distributions in respect of the preferred stock to each record depositary shareholder based on the number of the depositary shares owned by that holder on the relevant record date. The
depositary will distribute only that amount which can be distributed without attributing to any depositary shareholders a fraction of one cent, and any balance not so distributed will be added to and treated as part of the next sum received by the
depositary for distribution to record depositary shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If there is a distribution other than in cash, the depositary will
distribute property to the entitled record depositary shareholders, unless the depositary determines that it is not feasible to make that distribution. In that case the depositary may, with our approval, adopt the method it deems equitable and
practicable for making that distribution, including any sale of property and the distribution of the net proceeds from this sale to the concerned holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each deposit agreement will also contain provisions relating to the manner in which any subscription or similar rights we offer to preferred
stockholders of the relevant series will be made available to depositary shareholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Withdrawal of Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon surrender of depositary receipts at the depositary&#146;s office, the holder of the relevant depositary shares will be entitled to the
number of whole shares of the related preferred stock series and any money or other property those depositary shares represent. Depositary shareholders will be entitled to receive whole shares of the related preferred stock series on the basis
described in the applicable prospectus supplement, but holders of those whole preferred stock shares will not afterwards be entitled to receive depositary shares in exchange for their shares. If the depositary receipts the holder delivers evidence a
depositary share number exceeding the whole share number of the related preferred stock series to be withdrawn, the depositary will deliver to that holder a new depositary receipt evidencing the excess number of depositary shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Redemption and Liquidation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms on
which the depositary shares relating to the preferred stock of any series may be redeemed, and any amounts distributable upon our liquidation, dissolution or winding up, will be described in the applicable prospectus supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-24- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Convertibility and Exchangeability </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares of a series of preferred stock may be convertible or exchangeable into shares of our common stock, another series of preferred stock or
other securities or property. The conversion or exchange may be mandatory or optional. The applicable prospectus supplement will specify whether the preferred stock being offered has any conversion or exchange features, and will describe all the
related terms and conditions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon receiving notice of any meeting at which preferred stockholders of any series are entitled to vote, the depositary will mail the
information contained in that notice to the record depositary shareholders relating to those series of preferred stock. Each depositary shareholder on the record date will be entitled to instruct the depositary on how to vote the shares of preferred
stock underlying that holder&#146;s depositary shares. The depositary will vote the preferred stock shares underlying those depositary shares according to those instructions, and we will take reasonably necessary actions to enable the depositary to
do so. If the depositary does not receive specific instructions from the depositary shareholders relating to that preferred stock, it will abstain from voting those preferred stock shares, unless otherwise discussed in the prospectus supplement.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment and Termination of Deposit Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and the depositary may amend the depositary receipt form evidencing the depositary shares and the related deposit agreement. However, any
amendment that significantly affects the rights of the depositary shareholders will not be effective unless holders of a majority of the outstanding depositary shares approve that amendment. We or the depositary may terminate a deposit agreement
only if: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we have redeemed or reacquired all outstanding depositary shares relating to the deposit agreement,
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all preferred stock of the relevant series has been withdrawn, or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there has been a final distribution in respect of the preferred stock of any series in connection with our
liquidation, dissolution or winding up and such distribution has been made to the related depositary shareholders. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Charges of
Depositary </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will pay all charges of each depositary in connection with the initial deposit and any redemption of the preferred
stock. Depositary shareholders will be required to pay any other transfer and other taxes and governmental charges and any other charges expressly provided in the deposit agreement to be for their accounts. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Title </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and each depositary and any of
our respective agents may treat the registered owner of any depositary share as the absolute owner of that share, whether or not any payment in respect of that depositary share is overdue and despite any notice to the contrary, for any purpose. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Resignation and Removal of Depositary </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A
depositary may resign at any time by issuing us a notice of resignation, and we may remove any depositary at any time by issuing it a notice of removal. Resignation or removal will take effect upon the appointment of a successor depositary and its
acceptance of appointment. That successor depositary must: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">be appointed within 60 days after delivery of the notice of resignation or removal, </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">be a bank or trust company having its principal office in the United States, and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">have a combined capital and surplus of at least $50,000,000. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-25- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Miscellaneous </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each depositary will forward to the relevant depositary shareholders all our reports and communications that we are required to furnish to
preferred stockholders of any series. In addition, the depositary will make available for inspection by holders of depositary receipts at the principal executive office of the depositary, and at such other places as it may from time to time deem
advisable, any reports and communications we deliver to the depositary as the holder of preferred stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither we nor the depositary
will be liable if either of us is prevented or delayed by law or any circumstance beyond its control in performing its obligations under any deposit agreement. Our obligations and the obligations of each depositary under any deposit agreement will
be limited to performance in good faith of their duties under that agreement, and they will not be obligated to prosecute or defend any legal proceeding in respect of any depositary shares or preferred stock unless they are provided with
satisfactory indemnity. They may rely upon written advice of counsel or accountants, or information provided by persons presenting preferred stock for deposit, depositary shareholders or other persons believed to be competent and on documents
believed to be genuine. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-26- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_11"></A>DESCRIPTION OF WARRANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may issue warrants for the purchase of our debt securities, preferred stock, common stock, depositary shares or units or any combination of
the foregoing. Warrants may be issued independently or together with debt securities, preferred stock, common stock, depositary shares or units, and may be attached to or separate from those securities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Warrant Agreements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each series of
warrants will be evidenced by certificates issued under a separate warrant agreement to be entered into between us and a bank that we select as warrant agent with respect to such series. The warrant agent will have its principal office in the U.S.
and have a combined capital and surplus of at least $50,000,000. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issuance In Series </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The applicable prospectus supplement relating to a series of warrants will mention the name and address of the warrant agent and describe the
terms of the series of warrants, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the offering price; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the currency for which the warrants may be purchased; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the designation and terms of the securities with which the warrants are issued and the number of warrants issued
with each security or each principal amount of security; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the date on which the warrants and the related securities will be separately transferable; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the case of warrants to purchase debt securities, the principal amount of debt securities that can be
purchased upon exercise, and the price for purchasing those debt securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the case of warrants to purchase preferred stock, depositary shares or common stock, the number of depositary
shares or shares of preferred stock or common stock, as the case may be, that can be purchased upon the exercise, and the price for purchasing those shares; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the case of warrants to purchase units upon exercise, the number and type of units that can be purchased upon
exercise, and the price of those units; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the dates on which the right to exercise the warrants will commence and expire; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">material U.S. federal income tax consequences of holding or exercising those warrants; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the terms of the securities issuable upon exercise of those warrants; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any other terms of the warrants. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Warrant certificates may be exchanged for new warrant certificates of different denominations, may be presented for transfer registration, and
may be exercised at the warrant agent&#146;s corporate trust office or any other office indicated in the applicable prospectus supplement. If the warrants are not separately transferable from the securities with which they were issued, this exchange
may take place only if the certificates representing the related securities are also exchanged. Prior to warrant exercise, warrant holders will not have any rights as holders of the underlying securities, including the right to receive any
principal, premium, interest, dividends, or payments upon our liquidation, dissolution or winding up or to exercise any voting rights. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exercise of
Warrants </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each warrant will entitle the holder to purchase the securities specified in the applicable prospectus supplement at the
exercise price mentioned in, or calculated as described in, the prospectus supplement. Unless </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-27- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
otherwise specified in the applicable prospectus supplement, warrants may be exercised at any time up to 5:00&nbsp;p.m., New York time, on the expiration date mentioned in that prospectus
supplement. After the close of business on the expiration date, unexercised warrants will become void. Other requirements and procedures for the exercise of warrants will be described in the applicable prospectus supplement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Anti-Dilution Provisions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As will be
described in the applicable prospectus supplement, in the case of warrants to purchase common stock or securities convertible into or exchangeable for common stock, the exercise price payable and the number of shares of common stock purchasable upon
warrant exercise may be adjusted in certain events, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the issuance of a stock dividend to common stockholders or a combination, subdivision or reclassification of
common stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the issuance of rights, warrants or options to all common and preferred stockholders entitling them to purchase
common stock for an aggregate consideration per share less than the current market price per share of common stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">distribution to our common stockholders of evidences of our indebtedness of assets, excluding cash dividends or
distributions referred to above; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other events mentioned in the prospectus supplement. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise described the applicable prospectus supplement, no adjustment in the number of shares or securities purchasable upon warrant
exercise will be required until cumulative adjustments require an adjustment of at least 1% of such number. No fractional shares will be issued upon warrant exercise, but we will pay the cash value of any fractional shares otherwise issuable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Modification </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The applicable prospectus
supplement will describe the circumstances under which we and any warrant agent may modify any warrant agreement and the terms of the related warrants without first obtaining consent from warrant holders, and describe the circumstances under which
we and any warrant agent will not be permitted to modify any warrant agreement and the terms of the related warrants unless we first obtain consent from warrant holders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidation, Merger and Sale of Assets </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless provided otherwise in an applicable prospectus supplement, each warrant agreement will provide that we may consolidate or merge with or
into any other corporation or sell, lease, transfer or convey all or substantially all of our assets to any other corporation. However, any successor or acquirer of such assets must assume all of our obligations under the relevant warrant agreement
and for the unexercised warrants, as appropriate, and we or that successor corporation must not immediately be in default under that warrant agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Enforceability of Rights By Holders of Warrants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each warrant agent will act solely as our agent under the relevant warrant agreement and will not assume any obligation or relationship of
agency or trust for any warrant holder. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility in case we default in performing our obligations under the
relevant warrant agreement or warrant, including any duty or responsibility to initiate any legal proceedings or to make any demand upon us. Any warrant holder may, without the warrant agent&#146;s consent or consent of any other warrant holder,
enforce by appropriate legal action its right to exercise that warrant. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-28- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Replacement of Warrant Certificates </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will replace any destroyed, lost, stolen or mutilated warrant certificate upon delivery to us and the relevant warrant agent of satisfactory
evidence of the ownership of that warrant certificate and of its destruction, loss, theft or mutilation, and (in the case of mutilation) surrender of that warrant certificate to the relevant warrant agent, unless we have, or the warrant agent has,
received notice that the warrant certificate has been acquired by a bona fide purchaser. That warrant holder will also be required to provide indemnity satisfactory to us and the relevant warrant agent before a replacement warrant certificate will
be issued. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Title </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and the warrant
agents and any of our respective agents may treat the registered holder of any warrant certificate as the absolute owner of the warrants evidenced by that certificate for any purpose and as the person entitled to exercise the rights attaching to the
warrants so requested, despite any notice to the contrary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-29- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_12"></A>DESCRIPTION OF UNITS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may issue units comprised of one or more debt securities, shares of preferred stock, shares of common stock and warrants in any
combination. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement
under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The prospectus supplement may describe: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the designation and terms of the units and of the securities comprising the units, including whether and under
what circumstances those securities may be held or transferred separately; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any provisions of the governing unit agreement that differ from those described below; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities
comprising the units. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provisions described in this section, as well as those described under &#147;Description of
Debt Securities,&#148; &#147;Description of Preferred Stock,&#148; &#147;Description of Common Stock&#148; and &#147;Description of Warrants,&#148; will apply to each unit and to any debt security, preferred stock, common stock or warrant,
respectively, included in each unit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may issue units in such amounts and in as many distinct series as we wish. This section
summarizes terms of the units that apply generally to all series unless otherwise stated in the applicable prospectus supplement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unit Agreements
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will issue the units under one or more unit agreements to be entered into between us and a bank or other financial institution, as
unit agent. We may add, replace or terminate unit agents from time to time. We will identify the unit agreement under which each series of units will be issued and the unit agent under that agreement in the applicable prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following provisions will generally apply to all unit agreements unless otherwise stated in the applicable prospectus supplement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Enforcement of Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The unit agent
under a unit agreement will act solely as our agent in connection with the units issued under that agreement. The unit agent will not assume any obligation or relationship of agency or trust for or with any holders of those units or of the
securities comprising those units. The unit agent will not be obligated to take any action on behalf of those holders to enforce or protect their rights under the units or the included securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as indicated in the next paragraph, a holder of a unit may, without the consent of the unit agent or any other holder, enforce its
rights as holder under any security included in the unit, in accordance with the terms of that security and the indenture, warrant agreement or other instrument under which that security is issued. Those terms are described elsewhere in this
prospectus under the sections relating to debt securities, preferred stock, common stock and warrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a
unit agreement may limit or otherwise affect the ability of a holder of units issued under that agreement to enforce its rights, including any right to bring a legal action, with respect to those units or any securities, other than debt securities,
that are included in those units. Limitations of this kind will be described in the applicable prospectus supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-30- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Modification </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The applicable prospectus supplement will describe the circumstances under which we and any unit agent may modify any unit or unit agreement,
without first obtaining consent from unit holders, and describe the circumstances under which we and any unit agent will not be permitted to amend any unit or unit agreement we first obtain consent from unit holders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Title </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and the unit agents and any of
our respective agents may treat the registered holder of any unit certificate as an absolute owner of the units evidenced by that certificate for any purpose and as the person entitled to exercise the rights attaching to the units so requested,
despite any notice to the contrary. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_13"></A>FORM OF SECURITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may issue any securities offered in certificated form, book-entry form only or in the form of one or more global securities, as
appropriate. Although this prospectus generally describes the form in which we intend to issue any of the offered securities, the form of any securities offered will be described in the applicable prospectus supplement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-31- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_14"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may sell the securities in and/or outside the United States: (1)&nbsp;through underwriters or dealers; (2)&nbsp;directly to one or more
purchasers; (3)&nbsp;through agents; or (4)&nbsp;through a combination of these methods. The applicable prospectus supplement will set forth the terms of the offering of the securities, including the name or names of any underwriters or agents, if
any, the purchase price of the securities and the proceeds to us from such sale. In addition, the applicable prospectus supplement will set forth any delayed delivery arrangements, any underwriting discounts and other items constituting
underwriters&#146; compensation, any initial public offering price and any discounts or concessions allowed or <FONT STYLE="white-space:nowrap">re-allowed</FONT> or paid to dealers. Any initial public offering price and any discount or concessions
allowed or <FONT STYLE="white-space:nowrap">re-allowed</FONT> or paid to dealers may be changed from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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
determined at the time of sale. The securities may be offered to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters. The underwriter or
underwriters with respect to a particular underwritten offering of securities will be named in the applicable prospectus supplement relating to such offering and, if an underwriting syndicate is used, the managing underwriter or underwriters will be
set forth on the cover of such prospectus supplement. The prospectus supplement will also state the compensation that the underwriter(s) and/or dealers will receive with respect to such offering. Unless otherwise set forth in the applicable
prospectus supplement, the obligations of the underwriters to purchase the offered securities will be subject to conditions precedent and the underwriters will be obligated to purchase all the offered securities if any are purchased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If dealers are used in the sale of securities, we will sell such securities to the dealers as principals. The dealers may then resell such
securities to the public at varying prices to be determined by such dealers at the time of resale. The names of the dealers, the amount to be offered through each and the terms of any agreement, arrangement or understanding with the dealers,
including any volume limitations on sales, parties to the agreement and the conditions under which the agreement may be terminated, will be set forth in the applicable prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The securities may be sold through agents we designate from time to time. Any agent involved in the offer or sale of the 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 the applicable prospectus supplement, any such agent will be acting on a best efforts basis for the
period of its appointment. Agents may be deemed to be underwriters under the Securities Act of any of our securities that they offer or sell. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may sell the securities directly to institutional investors or others, who may be deemed to be underwriters within the meaning of the
Securities Act with respect to any resale thereof. The terms of any such sales, including the terms of any bidding or auction process, will be described in the applicable prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may authorize agents and underwriters to solicit offers by certain institutions to purchase our securities at the public offering price
under delayed delivery contracts. If we use delayed delivery contracts, we will disclose that we are using them in the prospectus supplement and will tell you when we will demand payment and when delivery of our securities will be made under the
delayed delivery contracts. These delayed delivery contracts will be subject only to the conditions that we describe in the prospectus supplement. We will describe in the applicable prospectus supplement the commission that underwriters and agents
soliciting purchases of our securities under delayed delivery contracts will be entitled to receive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any underwriter, agent, or dealer
that is a Financial Industry Regulatory Authority member is not permitted to sell our securities in an offering to accounts over which it exercises discretionary authority without the prior specific written approval of its customer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-32- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Agents, dealers 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 such agents, dealers or underwriters may be required to make in respect thereof. Agents,
dealers and underwriters may be our customers, engage in transactions with us, or perform services for us in the ordinary course of business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with an offering, certain persons participating in such offering may engage in transactions that stabilize, maintain or
otherwise affect the price of the securities. Specifically, such persons may overallot such offering, creating a syndicate short position. In addition, such persons may bid for, and purchase, the securities in the open market to cover syndicate
shorts or to stabilize the price of the securities. Finally, such persons may reclaim selling concessions allowed for distributing the securities in an offering, if such persons repurchase previously distributed securities in syndicate covering
transactions, in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market price of the securities above independent market levels. Such persons are not required to engage in these activities, and may end
any of these activities at any time. The securities may or may not be listed on a national securities exchange. We cannot assure you as to the future liquidity of the trading market, if any, for any securities issued. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-33- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_15"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the securities offered by this prospectus will be passed upon for us by Foley&nbsp;&amp; Lardner LLP. The opinion of
Foley&nbsp;&amp; Lardner LLP may be conditioned upon and may be subject to assumptions regarding future action required to be taken by us and any underwriters, dealers or agents in connection with the issuance and sale of any securities. The opinion
of Foley&nbsp;&amp; Lardner LLP with respect to the securities offered by this prospectus may be subject to other conditions and assumptions, as indicated in the applicable prospectus supplement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_16"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial statements and management&#146;s assessment of the effectiveness of internal control over financial reporting (which is included
in Management&#146;s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2019 have been so
incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_17"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We file annual, quarterly and current reports, proxy statements and other information with the SEC. We also filed with the SEC a registration
statement on Form <FONT STYLE="white-space:nowrap">S-3,</FONT> including exhibits, under the Securities Act with respect to the securities we are offering under this prospectus. This prospectus does not contain all of the information set forth in
the registration statement and the exhibits to the registration statement. You can find our public filings at a website maintained by the SEC (<U>http://www.sec.gov</U>), which contains reports, proxy and information statements and other information
regarding registrants that file electronically with the SEC. You can also find these filings on our website at&nbsp;<U>www.borgwarner.com</U>. However, we are not incorporating the information on our website other than these filings into this
prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-34- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc425566_18"></A>INCORPORATION OF DOCUMENTS BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC allows us to &#147;incorporate by reference&#148; certain of our publicly filed documents in this prospectus, which means that we may
disclose material information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus and any later information that we file with the SEC will automatically update and
supersede this information. We incorporate by reference the documents listed below and any additional documents we file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than current reports or portions thereof
furnished under Item 2.02 or Item 7.01 of Form <FONT STYLE="white-space:nowrap">8-K)</FONT> at any time after the initial filing of the registration statement, whether before or after it is declared effective, until the offering of the securities is
terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following documents that we previously filed with the SEC (SEC File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-12162)</FONT> are incorporated by reference; provided, however, that we are <U>not</U> incorporating, in each case, any document or information deemed to have been furnished and not filed in accordance
with SEC rules: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000090825520000014/a2019123110k.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the year ended December&nbsp;31, 2019, filed on February&nbsp;13, 2020; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000120677420000239/bwa3712381-8k.htm">Form
 <FONT STYLE="white-space:nowrap">8-K</FONT></A> filed on January&nbsp;28, 2020; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000120677420000256/bwa3712381-8k.htm">Form
 <FONT STYLE="white-space:nowrap">8-K</FONT></A> filed on January&nbsp;29, 2020; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/908255/000090825520000012/a20200213dividend8-k.htm">Form
 <FONT STYLE="white-space:nowrap">8-K</FONT></A> filed on February&nbsp;13, 2020; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The description of our voting common stock, par value $0.01 per share, contained in our registration statement
on <A HREF="http://www.sec.gov/Archives/edgar/data/908255/0000908255-98-000089.txt">Form <FONT STYLE="white-space:nowrap">8-A</FONT></A> (registration no. <FONT STYLE="white-space:nowrap">001-12162)</FONT> filed on July&nbsp;24, 1998, including any
amendment or report filed for the purposes of updating such description. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will provide upon written or oral request
at no cost to any person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the information that has been incorporated by reference in this prospectus but not delivered with this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may direct your request for a copy of such information at the following address or telephone number: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BorgWarner Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3850 Hamlin Road
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Auburn Hills, Michigan 48326 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(248) <FONT STYLE="white-space:nowrap">754-9200</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attention: Corporate Secretary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-35- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>&#128;1,000,000,000 </B></P>
<P STYLE="font-size:75pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g425566g25s61.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:75pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>1.000% Senior Notes due 2031 </B></P>
<P STYLE="font-size:75pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus Supplement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:75pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>Joint
Book-Running Managers </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>BofA Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Deutsche Bank </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>J.P.
Morgan </B></P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>May&nbsp;12, 2021 </B></P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:4.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g425566g25s61.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g425566g25s61.jpg
M_]C_X  02D9)1@ ! 0(!>0%Y  #_X3NV:'1T<#HO+VYS+F%D;V)E+F-O;2]X
M87 O,2XP+P \/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(
M>G)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS
M.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835 @0V]R92 U+C,M8S Q,2 V-BXQ
M-#4V-C$L(#(P,3(O,#(O,#8M,30Z-38Z,C<@(" @(" @("(^"B @(#QR9&8Z
M4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR
M9&8M<WEN=&%X+6YS(R(^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2(B"B @(" @(" @(" @('AM;&YS.F1C/2)H='1P.B\O<'5R;"YO<F<O
M9&,O96QE;65N=',O,2XQ+R(^"B @(" @(" @(#QD8SIF;W)M870^87!P;&EC
M871I;VXO<&]S='-C<FEP=#PO9&,Z9F]R;6%T/@H@(" @(" @(" \9&,Z=&ET
M;&4^"B @(" @(" @(" @(#QR9&8Z06QT/@H@(" @(" @(" @(" @(" \<F1F
M.FQI('AM;#IL86YG/2)X+61E9F%U;'0B/E!R:6YT/"]R9&8Z;&D^"B @(" @
M(" @(" @(#PO<F1F.D%L=#X*(" @(" @(" @/"]D8SIT:71L93X*(" @(" @
M(" @/&1C.F1E<V-R:7!T:6]N/@H@(" @(" @(" @(" \<F1F.D%L=#X*(" @
M(" @(" @(" @(" @/')D9CIL:2!X;6PZ;&%N9STB>"UR97!A:7(B/D9I;&4@
M3F%M93H@(" @(" @(" @(" @("!5;G1I=&QE9"TQ+F%I)B-X03M5<V5R;F%M
M93H@(" @(" @(" @(" @(')R,CDS-S0X)B-X03M,;V-A;"!4:6UE.B @(" @
M(" @(" @(" P.2U-87DM,C R," P,3HS,SHR-28C>$$[15-4(%1I;64Z(" @
M(" @(" @(" @(" P."U-87DM,C R," Q-CHP,SHR-28C>$$[4V-R:7!T(%9E
M<G-I;VXZ(" @(" @(" @,BXV)B-X03M);&QU<W1R871O<B!697)S:6]N.B @
M(" Q-BXP+C F(WA!.T=R87!H:6,@='EP93H@(" @(" @(" @07)T=V]R:R8C
M>$$[)B-X03LJ*BI4:&4@<')E9FQI9VAT(&-H96-K(&ES(&-O;7!L971E+B!0
M;&5A<V4@96YS=7)E(&UA;G5A;"!C:&5C:W,@87)E(&-O;7!L971E9"!P97(@
M<')O8V5S<RXJ*BHF(WA!.R8C>$$[5&AE(&9O;&QO=VEN9R!C;VQO<G,@87)E
M('!R97-E;G0@:6X@=&AE(&1O8W5M96YT.B8C>$$[(" @(" @(" @($--64LF
M(WA!.R8C>$$[+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM+2TM
M+2TM+2TM+2TM+2TM)B-X03L\+W)D9CIL:3X*(" @(" @(" @(" @/"]R9&8Z
M06QT/@H@(" @(" @(" \+V1C.F1E<V-R:7!T:6]N/@H@(" @(" \+W)D9CI$
M97-C<FEP=&EO;CX*(" @(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70]
M(B(*(" @(" @(" @(" @>&UL;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N8V]M
M+WAA<"\Q+C O(@H@(" @(" @(" @("!X;6QN<SIX;7!'26UG/2)H='1P.B\O
M;G,N861O8F4N8V]M+WAA<"\Q+C O9R]I;6<O(CX*(" @(" @(" @/'AM<#I-
M971A9&%T841A=&4^,C R,"TP-2TP.50P,3HS,SHS,"LP-3HS,#PO>&UP.DUE
M=&%D871A1&%T93X*(" @(" @(" @/'AM<#I-;V1I9GE$871E/C(P,C M,#4M
M,#E4,#$Z,S,Z,S K,#4Z,S \+WAM<#I-;V1I9GE$871E/@H@(" @(" @(" \
M>&UP.D-R96%T941A=&4^,C R,"TP-2TP.50P,3HS,SHR.2LP-3HS,#PO>&UP
M.D-R96%T941A=&4^"B @(" @(" @(#QX;7 Z0W)E871O<E1O;VP^061O8F4@
M26QL=7-T<F%T;W(@0U,V("A7:6YD;W=S*3PO>&UP.D-R96%T;W)4;V]L/@H@
M(" @(" @(" \>&UP.E1H=6UB;F%I;',^"B @(" @(" @(" @(#QR9&8Z06QT
M/@H@(" @(" @(" @(" @(" \<F1F.FQI(')D9CIP87)S951Y<&4](E)E<V]U
M<F-E(CX*(" @(" @(" @(" @(" @(" @/'AM<$=);6<Z=VED=&@^,C4V/"]X
M;7!'26UG.G=I9'1H/@H@(" @(" @(" @(" @(" @(" \>&UP1TEM9SIH96EG
M:'0^,S8\+WAM<$=);6<Z:&5I9VAT/@H@(" @(" @(" @(" @(" @(" \>&UP
M1TEM9SIF;W)M870^2E!%1SPO>&UP1TEM9SIF;W)M870^"B @(" @(" @(" @
M(" @(" @(#QX;7!'26UG.FEM86=E/B\Y:B\T04%14VM:2E)G04)!9T5!4T%"
M24%!1"\W44%S54=H=F1'.7IA1SEW241-=4U!0311:VQ.02LP04%!04%!0D%!
M4T%!04%!14$F(WA!.T%10DE!04%!05%!0B\K-$%$:T9K8C)*;$%'5$%!04%!
M068O8D%)44%"9U%%0D%514)G549"9VM'0E%92D-W9T="9V=,1$%O2T-W;TLF
M(WA!.T1"04U$07=-1$%W441!-%!%03A/1$)-5$9"451%>'=B1WAS8TAX.&9(
M>#AF2'@X9DAW14A"=V-.1$$P645"05E':%521E)O9DAX.&8F(WA!.TAX.&9(
M>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX
M.&9(>#AF2'@X9B\X04%%46=!2D%%04%W15(F(WA!.T%!25)!44U2068O14%A
M24%!04%(05%%0D%114%!04%!04%!04%!449!=TE'05%!2$-!:TM#=T5!06=)
M1$%114)!445!04%!04%!04$F(WA!.T%104-!=U%&0F=C24-1;TQ%04%#05%-
M1$%G44-"9V-$0D%)1T%N34)!9TU20D%!1DE227A15D5'13)%:6-9155-<$=H
M0GA7>%%I4$(F(WA!.U5T2&A->%II.$-2>6=V16Q1>E)4:W%+>5DS4$-.55%N
M:S9/>DYH9%5:2%1$,'5)24IO34I#:&=::$I21E)Q4S!6=$Y62T)R>30O4$4F
M(WA!.S%/5#!:6%=&;&%7,7AD6&PY5UHR:'!A;71S8E<U=EDS4C%D;F0T95AP
M-V9(,2MF,T]%:%EA2&E);4MI-'E.:F\K0VLU4U9L<&59;5HF(WA!.W%B;DHR
M96XU2VIP2U=M<#9I<'%Q=7-R839V;U)!04E#05%)1$)1545"45E%0T%-1&)1
M14%!:$5$0D-%4TU514954DYH26=:>&=:17DF(WA!.V]B2'=&34A2-%-.0T96
M2FEC=D5Z2D121&=H85-5>5=I63=,0T(S4%-.94I%9WAD56MW9TI#:&=:2FI:
M1D=I9&MD1E4S.'%/>G=Y9W F(WA!.S K4'IH2E-K=$U453504FQD65=6<&)8
M1C%E6#%2;%IM9&]A5W!R8D<Q=6(R4C%D;F0T95AP-V9(,2MF,T]%:%EA2&E)
M;4MI-'E.:F\F(WA!.RM$;$I75VPU:5IM<'5C;EHV9FMQ3VMP86%N<4MM<7$V
M>71R<2MV+V%!07=$05%!0T5135)!1#A!:FLK;"]L>&))2DY1.',K6CE/=$,F
M(WA!.W=34SEL;&E+>#AJ5&QX83)J1%4O;#5#=6)S4WE(;$M*84M(8U4P2#5V
M96-02D=I6#-K-U0Y4W0Y5W1U0TA29&-I9FTP3G1+=DE"06$F(WA!.VM.>%E5
M4CDT>E5E1U(O3'AY15-)<G9#.%I'>GEA5U=35U(U6EA-:VMH3$\W16QM66UP
M2DHV:S5M3F(W5"])6"]!36Q*-64O-'AZ+SDF(WA!.U)-=6%,5B\S:&-M2$IN
M,EDW2CAJ+W=$3U0O.$$U33<O04M-3&8Y8C5U9$0O04AF>&%-=DXU>F]8;%1Z
M1G(V6&(V3EE3,W=S22]7=7@F(WA!.T-!5U)$6&9J5W K>65M6DTX:UDX>7=%
M4U8S;&IZ9#5H.'-A;$AQ1VDS<VQR3D=W6FM6:C9C9T)R>&Q3=D8Q4&-(2$IJ
M:DU546]K42LF(WA!.S=D03%--G)O3VTV;WEE:V(K,6AU5$=.*TIM:E8K4#!C
M<S4K8V%*1&Q)93DX-"M58D,U3G)F835P.7)D2V5,450S54UC9U!G5EIG8TDF
M(WA!.WAY4$E&1G!N8EA.=&112F-7,'%4=U-#<V-S8D(P665)6F%G-45I:V]'
M8GI.-6-G;65'9E9B3TMA36Q:23-U26Q:5T=X0D)A;T]%46PF(WA!.S-+,61E
M869,1F]K1#-E<C)6=6PQ+W9+,'1X16=L<65).4US=S5B-V)94FIK95%+,FU%
M,#A%15IK;FM72TUD6&1G<6EV=6-G07%(=3DF(WA!.U@P;7II:FUU-S)#,VEM
M+W5:2EI54E@R<CA*66=(8G=W:4I+=D(O.$%N2TID0S%B44Y*,6)4-RLP=7)Q
M=W5(9VQ30U=/4U0P8FAA.&DF(WA!.T5*4$98:4$O,E=B1%%72D5%8S)R2TYN
M;#,U1#8Q*VEF>E0P4C)0-W$W:V5Y:TA3=C%H0VEF.&Q#<'I-,6-B>&QH:D\V
M=B]Z:T9R;S$F(WA!.V8X,'160TU7:# T4C)%5F4S;W)7468X04DU;G=A3T99
M>#5R:T\W2B\K8U9.92MQ96-D4C!D,W!(<61P-FMA*TTQ<S-*9BM38VHU5'(F
M(WA!.S1814AU6EEI.'$X-6%Z*VTO3G5S8717<3,Q-4Y.2%1P=UIY54@P3%1-
M>D9(:&E!,7E.;#E29FM.8C92-58O2WI4-W96<GDS,#ET66TF(WA!.VQV4SDQ
M26M)4$EH27=':TLQ+V1X<3,P-7%D5U1026$V3CA"465K<C5I.'9T6DQF<G%D
M;V)&,SE.3&]4>&U)=E-V15!Y-#AQ1'!835@F(WA!.V=.,51.<4AZ3#5D;F-P
M0G%T;DLT5FY+<&-235%Q1&MZ541D04)5-&U%=356:2MA=DLW<T985TQ*;5DP
M5E)C>$5K;G-0:7<X174T<3,F(WA!.THU;SAT4C,P;&A*<3%K;#E%<E!,84YC
M4D-65E%66FUJ3&-G1DA88D)W4W$V5S(T9DTO;'%A5DE99%=S-4I:1T-2>'!C
M4DUZ37AO1E4F(WA!.T)Q:VLT.$5U-59'-3@U*U0W5RM.:&,V-W X1CAR8T=T
M2DQU0DIG,U1I63)C3E@V34EX>4EU:E-,0V-!9VEO,T(V2$E*4S-54$TS;'8F
M(WA!.U1:=E$Q2%9B3WEM<%@P<FDT:6EA:"]Y6%E(2D-%:GE#;WEZ=F)+.6=7
M-',W:4\U=#,K>DY#-GE)865$2U--0D)(3E5,8RM9+TPQ<D\F(WA!.SA&>G%L
M<$)01V%01DI016IQ974V<W=)=VE"4%)63S@X,"M73$MZ:79B>E8W2S)S-7EW
M9W5:<FU+3TIY<&]W4C)92S%$<V%(0TUC:6$F(WA!.T%+3&9*9FTW>FA.<&MA
M4F%&*UE&.35V='(V1V4S,4<P,4='-3E"1611<6XP<G=U:FYC;%-"5E--,T=0
M2&8Q4D5F9"MX;TUQ-49H9FPF(WA!.VE8>2MT+TQ$<C!%:C9D9%%M0G)Q0W!L
M=$A:;$M82TQS2#1&84UH*S!P249$435F:S1Q.5!.:D=U<5IR-4US3E X>G=A
M9#5L,59D3C F(WA!.U<U:F%E,C$V,VAE-V=M:$MK>%-23$A2;58R2$4Y,4]Z
M045(265+5$<T:7HS2C1A3S<V."]+97HP87HO3#-2-V)2=%%/<39:1VMO='(F
M(WA!.SAX4&)M54=D>7@Y2B]I5VI%:F9W>E1A9VMZ3FEI-45E5$QC<%,K4B\K
M8VXO05!Y6C,O4FAB+W)F3GIO9C=V-'1'6&TX,C!J6&9-1VPF(WA!.W=8<U=L
M6&,Y<D1E>&5L9D-":6]E3&8T6$LY='IM5DM%5%9S05-/5'9,63AU+W!U,2]W
M05)'-4=J:'=B=C9M1DUX6'=(37%!4$4Y9D0F(WA!.T=F1EAP-7%+=F0W>"ME
M=C5V3&)A3G!0;#=Y6F1#0W=V-TY,;5<X=&E565=R5FII9U-L1$@Y9SAX<V5G
M.&,Q,FLP,6MY;#!B6GHW;F@F(WA!.S)I*U1F3D]V5U8W9C94<',Q-V$V979/
M.&UJ04E157(S3E=.3C9,535S2EI9>$E"4$YQ15-5-B],1#AZ3F$X:V$W0E!"
M3S<V4$Q);S$F(WA!.TQ4>5-9-4EY84UY<C)K56)Q=RM85$LX*T%:0C5P:DMK
M1BM:.&E39FU,-6QK:EE.1RMP6$Q)=S-"0FQ99VI*65!O2'579DY%*U102E@F
M(WA!.VYF>DAE5V5O-F1P='IF5TYN3D9',3$P:5)9;55L03=L5BM%9&@P=UIC
M<TEG9VYD35%3;R]M3#4O,6IZ<#5I=612=EHS3FU*1T=N,EHF(WA!.THY3T=%
M1VE!3# U8V9T3C-/2$1H14DP15-L6E%'<V%&-74P:E-R2#E,5VPS86%893%U
M3$):=WEX3U-"5FM5-T)I<$AV4VU3:D]-:6$F(WA!.S5O24E#4#A!>38X=FYZ
M0G%U;V%5;TQ3>F%:95-12T)5;6%#4#%O:#E,>&=:1%!0:$%0;45W1G-E,'DO
M;3 O57)3+V=01V4P;6IN:4DF(WA!.S))94IG-B]I371K3$9-4597-VYV.6,Q
M=6$T-'10<4=Q6$Q38T9Q>E!.8U-%,$AI5UIS04%I4$E,>DMR-60Q-CDP2%95
M,4]Y4$<U:FDF(WA!.VYI42LP.$QW;CA*35IW16A24T12459P8G9C,U5.<VUZ
M>D]S86LK3&M!9%!N:VEA0T%%9C5J.'<S,G58-GHS16I',W0T,'1D4&=9,5<F
M(WA!.T,Q:%AH1D5O-D%+;S,X5'9K25%%46U2=&9Q=FQV>E1O*VPR;'IQ5FIC
M,F5M-FY383!E5E=72U5Q1'AA;E-V1GI3=3E$-$A'331Y3W@F(WA!.S-#:T5*
M=CA!;&0O>6MD,R]!3G-J5G8X075N5#58<5!P*TDK.6Q$;7A+3U-32U):23)+
M4TE1>4U.:4-$545:97=E:&574$EV;E,P,'8F(WA!.U=035=O85AC46%83G!&
M-'=V6GAX-65R1CA,55DX>GIR<V%B-6I4>7=*15%D-T1926YC<T<P<&138E9,
M3F1,.5$V:UHT>%DK:E@Q9E@F(WA!.TQJ,'94<'9Y-3!P5'9M4DMQ,S5.658O
M35=G-GIO1W,S3VQA>D$Q='%.<S%*-#))8C=11$)G=TI$0F=A9V<T251%:%DU
M2DEP-EIP,S4F(WA!.WDK6DY'+TIU,C!I>G5N1W%4,SEZ6E<Y-U5M5T-Y:&EH
M:TE2=6]9=&-C56(Y:T1B=%1%;'!O>7DR959-*U P=E!.03!195E,>3<K=#8F
M(WA!.WA:-F$X8V)41S0Q2UIK.6%1;EI&86IK<S-I9'9(37%C=45B0R]C=T%T
M16534%!8;41Y6G)C5W!A5&--<7%W*W17:%EM1V5/=GA*278F(WA!.U$Q2%$Y
M4C%'1$QI:DU55FI+:UHK8D]P5RMQ9FU$<3)P,C%F<3$X66)M1W98:$YB>'5T
M9F]B239E3E%!5%!M9SE".&YE969.;'5O,&8F(WA!.U1R<E5R5W=5=V]Y+S-5
M45IJ25DQ6GE%1E=K3&-193EC;%!*0TA-,6%"16QJ;5=)6F8U27-033%R6F%L
M-6IT3D@O4W9L,C)J*W%A-T8F(WA!.TET67!,955Q-TI8-UE+;$9F;6TV14LR
M535416M22G%84FQ'*V)+3DUI=6)E>3E,>35R3V=A:#5B;5DS3FQ995I*3$$S
M3G!)*S!K6F@F(WA!.W90<U!T4FUJ*T8V0G-P;'HY46M*9C!B6D1Y<#E+9FQH
M.5DO=TIP6#%J-F@V,T-4;BMI=E(K<&8S>B\S4#%F.$%D53AE4&5V9DY8;BLF
M(WA!.W,X+VDS1&MY;DMK=FMF.$$U>68O05!*;F8Y1T9V*W0X,T]H+W4O:3!:
M96)&+W=!='9Z4#%,>4A.<4UT:EI7.39D4FE32U),;FQX05$F(WA!.VLY1DER
M6&QV;'5F04UL5V541TUQ661)-6MK6GE!0S5*;V]O3GI8641,,DQ/=E!0-60K
M661#.&XK5F1B=EE:0F(S9&\P8S9S4#DU-4<F(WA!.W5*6C1K86XR9E5I;$1!
M2&5V25IJ-',P6E-K07IL16="9BM8=C5Z*UI022MH86IP1VUW45126'IM84=7
M54YY9VY:1FI-:3!.1RM&1C(F(WA!.U!C9DU&>F%A3U%G;%EZ<&EN;&IY-7%F
M;518<E!29$YJ36PQ95-"05%#46DO='E05&]Q3#A42'=Y,TI-4D9L:4):4B\U
M:S(V5S,U9V4F(WA!.UEB9$-3:T]O6$5A;'5T1FM)1F%5.$UJ9TYW2'544&TK
M=&9Y56=H8CAP9DPX4E)41DIB3TA3;7@U>79Y<5!E=2MA9E5N.317*U!*.&4F
M(WA!.V5A9DQM;RM7.69V9$8Q0TYO-VUZ;%I0:49!-E8K0U)F1EA7:D$U=7-C
M>$M)26-E46]P>#5W+TY(>E8U=#!J4SE+,60T5&$V56]%2FDF(WA!.VHT3DEW
M6&=*2E15,6)J=#A.0C=:1$AG:D%K:G%M57E74R\X04].9B]!2DY7>2\U:')N
M+VLP8W$Q,SDR>7AC,DDO;5(U92]W.34W,78F(WA!.U-&57!$8EA4;3)5.5)"
M2V95:"\U2G5U6%E*.%5!5T5X4EI0+T%--#<K6'8P>"M:.6A+-F,W9E-K:W8U
M9EEX:FA&.3!S:6Y+=%I0:'@F(WA!.VYZ6EEX=7AJ.'E03#,K2&90970V47%&
M26)E-F,R>6YR-D5P.5-(+VMM-C5B9VYX44)9>D9&4&9Y2SAP>"M:9GI"=')7
M-%5T6C)S13DF(WA!.WIC,#=!2C9C6BMI5U)$;&5R>6--1U=-8G-+,7)33"]2
M=%=U.4MV-'I&95=5<E%Z;V8U:TY+:GA"-F<Y>&U21U%K3$1!:6U3*V-0>E@F
M(WA!.S@R*V)D0C!Z4DY794@V;G!N1F]Z16A2-5A21$=S:W!,34-Y<5-0:$%'
M*U99.5!'0DI(5FQ+6DMZ.')V*U5J=2\K,E)Q,R]D3VYW86HF(WA!.S9F:5!V
M5$1M>'I2:U8Y6'-58T)K831I1$M2545&>%5%6F)0:U=-96(W82].-R]Y5U!M
M6"]!2F=*9C%:;W10.$$S9SDW:U,U4&IZ.'0F(WA!.R]W1'E9;FQB+W1R,D@O
M551(;3=Z9E),,T9X-#@R52\X-4=F*U1B,6(O:DAA+W=$54Y(;$]I+W5W>7EC
M,D].-5IV6G9Y,'0O36-%5%,F(WA!.U<Q<G$Q,6%8<G%#9E0U,CEQ.$Q(,DHU
M0W9J5'AY,VI(:6-0;"MT1F).95)B,WE"8EA6,R]!27HP*S9V<E9O<3):<W!/
M1')+<"MY=S4F(WA!.V]/3&<Y93%-8V]M9F]+>')Q:DQ(5F9*=6]8,$YJ62M3
M6&YU<FU267)E0DY2=5=D;EDP5E%!=5)-6D%76F99;TDW:TXK85=N4C9:-38F
M(WA!.S%,5%DT>$9(66DS=&MI1$9W<7A7,&%"43=53%4T.50Q>5=#5G="5V9.
M.5$O.#0W=WA2+VQ&;VIO;U9P;74S;$DO85E88W%64"MX540F(WA!.TY4<D0K
M.5 T-DXR4&MV.$$K:&5V>68X02MR0B\P.3-V+U9F0BMC>3DO=T)Y*T='839,
M-68P8E).2FDP:E,W4T\Q,#)"4VMD<V]*5V@F(WA!.S8X:3%3>&)U5TI*-S52
M2UIK8E!.:T)41' O>4(O2TME95-:+TPV:#573'-%=6)U3F%S86YI:51+<6HR
M07!L-#%E5'8K-6IW0FU79S8F(WA!.T1P3V=A4F(V4G!-2#%B5')534QE1&TX
M;D5->&,O1DEZ<V9I63E4;$4U;5)S.#)11DDO27!9:C5O+TMB.'8O3D]P+W!4
M6&1+*W58,W F(WA!.W)&-C,Q:35I*T)+.%)X:6M292]H;#)0551G2T)9;4E+
M568X05%V6#50+SA!5F<O-F4W,R]!2W(U4#@U;#<O=5(T651,42]Y8B],3%(F
M(WA!.TQY3S@P-U%91759:GEI:VUA5S1+="]-;VYE44%J<V-J3%4U2D-I56E)
M1$Q,*W=S9%%S-6)++W0T-W%Z;EAH3F)Z2TA2,5!:;&%O3U4F(WA!.V=K1W=Y
M95EA:"]Z:DXK5T8S9&UE2TLX<VM9,4YV8C-(-W8V4%975F@O=T%&;5=.9&M!
M665'1UHK5"]Y.#AO955)1VHP2%0P='!*0G@F(WA!.VUU;4IK;FM(5VI3=5,Q
M2VEV16)E,E5:33!P.'EY15%%;S%8.&IV>74Q6%5R<E4W+T%%6#%R,CAL964U
M;"MT6&$X<$I$>5IU2U1+;W$F(WA!.U0R1U1J<7-G1D$O8V=W0EI:;VUI85IO
M96Q7,FLV6$0Y6# K,%AH8G<X;F9I=%-A8VY,361Z,T]5>6M:1WIZ6D%0;&8X
M,R]-9C5K5T<F(WA!.W-V<&YM*W=S8C9'2GE.3S%'5WAI<$Q&56Q41DU!1T92
M.7!!,G@V:DYT<&]1275*4'IA6GE)-7-&.'AE8UED5S!A=S!U,C!3=S!L3%$F
M(WA!.VU3-6YS-'ES;'I,5&E(:UII>E5!<E)A,'%4.4=21$9W:VUY5T)L8C%R
M+VY'8CAU.61J,35V3C$O8G9A861$0DI$62MQ0VI4>5,P0EHF(WA!.T9/-6I6
M82]&,U!4;V-W.61M1F-)-7,X8U1Z97IE6F9Y:2],=GI.<7(V=')E:VDW,4-2
M5E(U>%!C>%960E)A<D9):3=$,GI":'%*=T8F(WA!.T$W3FAI0VEV2U@U82M3
M9DM.>&-82&PW5%):5%A33$A02C9S.'A+<6%G9G9N:W!V-%E-;65C+W%+4D5$
M:VAF378U4F9L-35M,58Y5S$F(WA!.W930F0V:$EQ;S@T;G59<7%G;W16:6M2
M9&@S<&AH<4IW1D$W24U1550U4R],4'E2-5)U6C=R>3EP;W-P-VQ"1DY*-C X
M>$M!.'%F=G F(WA!.TI+8BM'1$IN;E V:6M2035+6&Y$.')0279M-EIB:E<Y
M35=7.%5"5G9);65'8FE/9UIO>79-9&AY<E1T:'@U-7<U1D)I0VQQ9FM0.$$F
M(WA!.VQ1=6UJ5'IO2U!$>E=6<$1.8T-:;E)7545Z3$E*2V9'87%$>#ET:%-8
M-79*9#)V04984R]Y4B],1%-R;#=M=S!8,%IN:&UT,F8V>F0F(WA!.W172S1J
M84M685!+=RM*2$ER,4AB1U=Q>4AM5D5!15!"*U%0-5-15%)Z>&%$>&QI65!'
M,S%U.4Y'53%";UIQ9&-*,651.69U4G=";3(F(WA!.W(V5' K<V%:8S98<4U8
M<C).-4=9<FU(:WEC:V)Q3U-&5T@P2$M)>4U465IK34\P,SAI+WER,#-58EA5
M8DQ24%-V3$MA3S1T<&9R5C0F(WA!.S-'5TIG-DYX85IL3D=51VA&375L<7-H
M1D4O8W<T06EV368U4"]L>C5K,65B5CEA,&HV,7%--%%3>B]73'%/;VI5279W
M>'EO;V]Q:F\F(WA!.TU%3E1/26](6DIG0VUF;"]Y1C52.'8V3&,V2'!7;7!&
M<$XU23!T,5IY=$IC2DDP:4Q',TPQ,FM.0W-A:6Y4251Y>6MB2C-326=-2C$F
M(WA!.U0O;D=J.'-,-C5A94M'-S X3G598E=F.3-8,D5Q>6MF24=M6'@Q=5%-
M9D1$2E!*9C53*U)F2C@S,6Y2.5 O,"MH6#8O8TU:<'=',DDF(WA!.U9M,E-O
M,E!!0W9F2W-U;VY0;55I24-L<FXU3&9L;G)M<3-/<F%P;S,Q:E5,='5D>$XY
M6G5K-4U!1G)X:FQ64G-/=W=X,5=326](6E0F(WA!.T%&:W9L-WDY;R]L,U(W
M9E(Y2'0O<75M,G90,$E/8GEC9E5D<$<K2U)N8S%D>61Z;%4U;5)S.#!G56U/
M4E,W1EA9<3=&6%EQ-T9867$F(WA!.S=&6%EQ-T9867$W1EA9<6AT5"]2;C%+
M5#E**V@Y4W K.2MS.%!3<"]L8R]H*R]$1S<R5FI7;2\X<6LK=' K:E P0CEC
M<BLW*W)F578F(WA!.U9R6#EN:#A86$Q4-&Y8:2LQ1WI,<W!3-T9867$W1EA9
M<3=&6%EQ-T9867$W1EA9<3=&6%EQ-T9867$W1EA9<2\O.6L]/"]X;7!'26UG
M.FEM86=E/@H@(" @(" @(" @(" @(" \+W)D9CIL:3X*(" @(" @(" @(" @
M/"]R9&8Z06QT/@H@(" @(" @(" \+WAM<#I4:'5M8FYA:6QS/@H@(" @(" \
M+W)D9CI$97-C<FEP=&EO;CX*(" @(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z
M86)O=70](B(*(" @(" @(" @(" @>&UL;G,Z>&UP34T](FAT=' Z+R]N<RYA
M9&]B92YC;VTO>&%P+S$N,"]M;2\B"B @(" @(" @(" @('AM;&YS.G-T4F5F
M/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O<U1Y<&4O4F5S;W5R8V52
M968C(@H@(" @(" @(" @("!X;6QN<SIS=$5V=#TB:'1T<#HO+VYS+F%D;V)E
M+F-O;2]X87 O,2XP+W-4>7!E+U)E<V]U<F-E179E;G0C(CX*(" @(" @(" @
M/'AM<$U-.DEN<W1A;F-E240^>&UP+FEI9#HV,C9%-S-%0S8V.3%%03$Q03<S
M0D1",C8U.3@R-#(T,CPO>&UP34TZ26YS=&%N8V5)1#X*(" @(" @(" @/'AM
M<$U-.D1O8W5M96YT240^>&UP+F1I9#HV,C9%-S-%0S8V.3%%03$Q03<S0D1"
M,C8U.3@R-#(T,CPO>&UP34TZ1&]C=6UE;G1)1#X*(" @(" @(" @/'AM<$U-
M.D]R:6=I;F%L1&]C=6UE;G1)1#YU=6ED.C5$,C X.3(T.3-"1D1",3$Y,31!
M.#4Y,$0S,34P.$,X/"]X;7!-33I/<FEG:6YA;$1O8W5M96YT240^"B @(" @
M(" @(#QX;7!-33I296YD:71I;VY#;&%S<SYD969A=6QT/"]X;7!-33I296YD
M:71I;VY#;&%S<SX*(" @(" @(" @/'AM<$U-.D1E<FEV961&<F]M(')D9CIP
M87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @/'-T4F5F.FEN<W1A
M;F-E240^>&UP+FEI9#HV,39%-S-%0S8V.3%%03$Q03<S0D1",C8U.3@R-#(T
M,CPO<W12968Z:6YS=&%N8V5)1#X*(" @(" @(" @(" @/'-T4F5F.F1O8W5M
M96YT240^>&UP+F1I9#HV,39%-S-%0S8V.3%%03$Q03<S0D1",C8U.3@R-#(T
M,CPO<W12968Z9&]C=6UE;G1)1#X*(" @(" @(" @(" @/'-T4F5F.F]R:6=I
M;F%L1&]C=6UE;G1)1#YU=6ED.C5$,C X.3(T.3-"1D1",3$Y,31!.#4Y,$0S
M,34P.$,X/"]S=%)E9CIO<FEG:6YA;$1O8W5M96YT240^"B @(" @(" @(" @
M(#QS=%)E9CIR96YD:71I;VY#;&%S<SYD969A=6QT/"]S=%)E9CIR96YD:71I
M;VY#;&%S<SX*(" @(" @(" @/"]X;7!-33I$97)I=F5D1G)O;3X*(" @(" @
M(" @/'AM<$U-.DAI<W1O<GD^"B @(" @(" @(" @(#QR9&8Z4V5Q/@H@(" @
M(" @(" @(" @(" \<F1F.FQI(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*
M(" @(" @(" @(" @(" @(" @/'-T179T.F%C=&EO;CYS879E9#PO<W1%=G0Z
M86-T:6]N/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z:6YS=&%N8V5)1#YX
M;7 N:6ED.C8P-D4W,T5#-C8Y,45!,3%!-S-"1$(R-C4Y.#(T,C0R/"]S=$5V
M=#II;G-T86YC94E$/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z=VAE;CXR
M,#(P+3 U+3 Y5# Q.C,S.C R*S U.C,P/"]S=$5V=#IW:&5N/@H@(" @(" @
M(" @(" @(" @(" \<W1%=G0Z<V]F='=A<F5!9V5N=#Y!9&]B92!);&QU<W1R
M871O<B!#4S8@*%=I;F1O=W,I/"]S=$5V=#IS;V9T=V%R94%G96YT/@H@(" @
M(" @(" @(" @(" @(" \<W1%=G0Z8VAA;F=E9#XO/"]S=$5V=#IC:&%N9V5D
M/@H@(" @(" @(" @(" @(" \+W)D9CIL:3X*(" @(" @(" @(" @(" @/')D
M9CIL:2!R9&8Z<&%R<V54>7!E/2)297-O=7)C92(^"B @(" @(" @(" @(" @
M(" @(#QS=$5V=#IA8W1I;VX^<V%V960\+W-T179T.F%C=&EO;CX*(" @(" @
M(" @(" @(" @(" @/'-T179T.FEN<W1A;F-E240^>&UP+FEI9#HV,C9%-S-%
M0S8V.3%%03$Q03<S0D1",C8U.3@R-#(T,CPO<W1%=G0Z:6YS=&%N8V5)1#X*
M(" @(" @(" @(" @(" @(" @/'-T179T.G=H96X^,C R,"TP-2TP.50P,3HS
M,SHS,"LP-3HS,#PO<W1%=G0Z=VAE;CX*(" @(" @(" @(" @(" @(" @/'-T
M179T.G-O9G1W87)E06=E;G0^061O8F4@26QL=7-T<F%T;W(@0U,V("A7:6YD
M;W=S*3PO<W1%=G0Z<V]F='=A<F5!9V5N=#X*(" @(" @(" @(" @(" @(" @
M/'-T179T.F-H86YG960^+SPO<W1%=G0Z8VAA;F=E9#X*(" @(" @(" @(" @
M(" @/"]R9&8Z;&D^"B @(" @(" @(" @(#PO<F1F.E-E<3X*(" @(" @(" @
M/"]X;7!-33I(:7-T;W)Y/@H@(" @(" \+W)D9CI$97-C<FEP=&EO;CX*(" @
M(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*(" @(" @(" @(" @
M>&UL;G,Z:6QL=7-T<F%T;W(](FAT=' Z+R]N<RYA9&]B92YC;VTO:6QL=7-T
M<F%T;W(O,2XP+R(^"B @(" @(" @(#QI;&QU<W1R871O<CI3=&%R='5P4')O
M9FEL93Y0<FEN=#PO:6QL=7-T<F%T;W(Z4W1A<G1U<%!R;V9I;&4^"B @(" @
M(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" @(" \<F1F.D1E<V-R:7!T:6]N(')D
M9CIA8F]U=#TB(@H@(" @(" @(" @("!X;6QN<SIX;7!44&<](FAT=' Z+R]N
M<RYA9&]B92YC;VTO>&%P+S$N,"]T+W!G+R(*(" @(" @(" @(" @>&UL;G,Z
M<W1$:6T](FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"]S5'EP92]$:6UE
M;G-I;VYS(R(*(" @(" @(" @(" @>&UL;G,Z>&UP1STB:'1T<#HO+VYS+F%D
M;V)E+F-O;2]X87 O,2XP+V<O(CX*(" @(" @(" @/'AM<%109SI(87-6:7-I
M8FQE3W9E<G!R:6YT/D9A;'-E/"]X;7!44&<Z2&%S5FES:6)L94]V97)P<FEN
M=#X*(" @(" @(" @/'AM<%109SI(87-6:7-I8FQE5')A;G-P87)E;F-Y/D9A
M;'-E/"]X;7!44&<Z2&%S5FES:6)L951R86YS<&%R96YC>3X*(" @(" @(" @
M/'AM<%109SI.4&%G97,^,3PO>&UP5%!G.DY086=E<SX*(" @(" @(" @/'AM
M<%109SI-87A086=E4VEZ92!R9&8Z<&%R<V54>7!E/2)297-O=7)C92(^"B @
M(" @(" @(" @(#QS=$1I;3IW/C(Q,"XP,#$V-3(\+W-T1&EM.G<^"B @(" @
M(" @(" @(#QS=$1I;3IH/C(Y-BXY.3DY-3D\+W-T1&EM.F@^"B @(" @(" @
M(" @(#QS=$1I;3IU;FET/DUI;&QI;65T97)S/"]S=$1I;3IU;FET/@H@(" @
M(" @(" \+WAM<%109SI-87A086=E4VEZ93X*(" @(" @(" @/'AM<%109SI0
M;&%T94YA;65S/@H@(" @(" @(" @(" \<F1F.E-E<3X*(" @(" @(" @(" @
M(" @/')D9CIL:3Y#>6%N/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z
M;&D^36%G96YT83PO<F1F.FQI/@H@(" @(" @(" @(" @(" \<F1F.FQI/EEE
M;&QO=SPO<F1F.FQI/@H@(" @(" @(" @(" @(" \<F1F.FQI/D)L86-K/"]R
M9&8Z;&D^"B @(" @(" @(" @(#PO<F1F.E-E<3X*(" @(" @(" @/"]X;7!4
M4&<Z4&QA=&5.86UE<SX*(" @(" @(" @/'AM<%109SI3=V%T8VA'<F]U<',^
M"B @(" @(" @(" @(#QR9&8Z4V5Q/@H@(" @(" @(" @(" @(" \<F1F.FQI
M(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @(" @(" @
M/'AM<$<Z9W)O=7!.86UE/D1E9F%U;'0@4W=A=&-H($=R;W5P/"]X;7!'.F=R
M;W5P3F%M93X*(" @(" @(" @(" @(" @(" @/'AM<$<Z9W)O=7!4>7!E/C \
M+WAM<$<Z9W)O=7!4>7!E/@H@(" @(" @(" @(" @(" \+W)D9CIL:3X*(" @
M(" @(" @(" @/"]R9&8Z4V5Q/@H@(" @(" @(" \+WAM<%109SI3=V%T8VA'
M<F]U<',^"B @(" @(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" @(" \<F1F.D1E
M<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@(" @(" @(" @("!X;6QN<SIP9&8]
M(FAT=' Z+R]N<RYA9&]B92YC;VTO<&1F+S$N,R\B/@H@(" @(" @(" \<&1F
M.E!R;V1U8V5R/D%D;V)E(%!$1B!L:6)R87)Y(#$P+C Q/"]P9&8Z4')O9'5C
M97(^"B @(" @(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" \+W)D9CI21$8^"CPO
M>#IX;7!M971A/@H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @"CP_>'!A8VME="!E
M;F0](G<B/S[_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_VP!# 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0'_P  1"  F 28# 1$  A$! Q$!_\0 '    @,! 0$!
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MAQ]9WT3R;VZE./J+]$IQ<)/T2G'KZ8QC^[&/TQYU[TA_NOL'\54_[E=(5_\
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ML/"K12( 9(V'"2/FR)(I8-Q?D%D"LA6YY;U95:[6K25G;PY%14Y$,#Y$'(.
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MK64!D6K# "R3PDA'2L>-*D&UF79^BH]<=,0[A&EK'1,?3_6FPPE%O;)N5T"
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M:GBCGI5IHXW:U?5F1)(F5&955690"0J@D@#$DSSQ[= R32HS69@S)(ZD@(A
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MRVU+0N*VS8G4'(">(M;6MKY,6F1I0\7)#4BR&2H8UEBHF:.CY&;K8\U"QZ&
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M*IS$2,$54C3EP:1V)=M-?;[$$8$MB9#R;LO)NV$4L0 J]\<B,DDG&0 KM"=
M';B'-1!9'$E;8XLH 0^Y^W7C2OV,L%M.NK]C>Y%+5[4)4KVH2I:O3T2G.<XQ
MG;$GTC]&-'(HWG)9' 'U=NO<E2 .]''G\=40VC< 1^M_4?\ %@_Q=:6!98P
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MC^U_Z6#_ !=/7]?_  O%T#UM:AX?[/@1QI&1TU/0FZH!HN.D<8M.X&YN<V?
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MDW>X*B6:]9(6,%F?FT<DK.,5H9BN P.7"@Y[$G.O6\59[4<*P1^(4=BPY(N
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=T:/#1H\-&CPT:/#1H\-&CPT:/#1H\-&CPT:__]D!

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