<SEC-DOCUMENT>0001193125-21-159004.txt : 20210512
<SEC-HEADER>0001193125-21-159004.hdr.sgml : 20210512
<ACCEPTANCE-DATETIME>20210512160229
ACCESSION NUMBER:		0001193125-21-159004
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210512
DATE AS OF CHANGE:		20210512

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236478
		FILM NUMBER:		21915001

	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

FILED BY:		

	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:		FWP

	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>
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<TYPE>FWP
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<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="right">Filed Pursuant to Rule&nbsp;433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-236478</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Issuer Free Writing Prospectus dated May&nbsp;12, 2021 relating to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Preliminary Prospectus Supplement dated May&nbsp;12, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(To
Prospectus dated February&nbsp;18, 2020) </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&#128;1,000,000,000 1.000% Senior Notes due 2031 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Final Term Sheet </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">May&nbsp;12, 2021 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">BorgWarner Inc.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128;1,000,000,000</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>Type of Offering:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC registered <FONT STYLE="white-space:nowrap">(No.&nbsp;333-236478)</FONT></TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May&nbsp;12, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May&nbsp;19, 2021 (T+5)</TD></TR>
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<TD VALIGN="top"><B>Anticipated Ratings*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Moody&#146;s: Baa1 (Stable) / S&amp;P: BBB (Negative Outlook) / Fitch: BBB+ (Stable)</TD></TR>
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<TD VALIGN="top"><B>Listing:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Issuer intends to apply to list the Senior Notes on the New York Stock Exchange, although no guarantee can be given that such listing will be obtained</TD></TR>
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<TD VALIGN="top"><B>Stated Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May&nbsp;19, 2031</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Coupon (Interest Rate):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.000% per annum</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Annually on May&nbsp;19, commencing on May&nbsp;19, 2022</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Currency of Payment:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Euro</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Price to Public (Issue Price):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">98.936%</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Net Proceeds (Before Expenses):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">98.386% / &#128;983,860,000</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Spread to Benchmark Bund:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+124.8 bps</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Benchmark Bund:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">DBR 0.000% due February&nbsp;15, 2031</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Benchmark Bund Price and Yield</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">101.33%; <FONT STYLE="white-space:nowrap">-0.135%</FONT></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Spread to Mid Swaps:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+95 bps</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Mid Swaps Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.163%</TD></TR></TABLE>
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<TD VALIGN="top"><B>Yield to Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.113%</TD></TR>
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<TD VALIGN="top"><B>Day Count Convention:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ACTUAL/ACTUAL (ICMA)</TD></TR>
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<TD VALIGN="top"><B>Make-Whole Call:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Issuer may redeem the Senior Notes at its option at any time, in whole or from time to time in part, at a redemption price equal to the
sum of:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;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> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;a Make-Whole Amount (as defined in the preliminary prospectus supplement, dated May&nbsp;12, 2021
(the &#147;Preliminary Prospectus Supplement&#148;)), if any, with respect to such Senior Notes.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of calculating the &#147;Make-Whole Amount,&#148; the &#147;Reinvestment Rate&#148; (as defined in the Preliminary Prospectus Supplement) means
the Comparable Government Bond Rate (as defined in the Preliminary Prospectus Supplement) plus 0.20%.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">If the Senior Notes are redeemed on or after February&nbsp;19, 2031, (three months prior to the stated maturity date of the Senior Notes) the optional
redemption price will not include the Make-Whole Amount.</P></TD></TR>
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<TD VALIGN="top"><B>Par Call</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At any time on or after February&nbsp;19, 2031 (three months prior to the maturity date of the Senior Notes)</TD></TR>
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<TD VALIGN="top"><B>Redemption for Tax Reasons:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Issuer may, at its option, 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 the Issuer
to pay additional amounts, 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.</TD></TR>
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<TD VALIGN="top"><B>Denominations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#128;100,000, and integral multiples of &#128;1,000 in excess thereof</TD></TR>
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<TD VALIGN="top"><B>ISIN/Common Code:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XS2343846940 / 234384694</TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deutsche Bank AG, London Branch</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Merrill Lynch
International</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities plc</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>MiFID II Target Market:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MiFID II / UK MiFIR professionals/ECPs-only/No PRIIPs / UK PRIIPs KID &#150; Manufacturer target market (MIFID II product governance / UK MiFIR product governance) is eligible counterparties and professional clients only (all
distribution channels). No PRIIPs / UK PRIIPs key information document (KID) has been prepared as not available to retail investors in the EEA or the United Kingdom.</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Stabilisation:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">FCA/ICMA</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<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>*Note: None of these ratings is a recommendation to buy, sell or hold these securities. Each rating may
be subject to revision or withdrawal at any time, and should be evaluated independently of any other rating. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer expects that delivery of
the Senior Notes will be made to purchasers on or about May&nbsp;19, 2021, which will be the 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> business day following the date of the Preliminary 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> under the U.S. Securities Exchange Act of 1934, 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 the Senior Notes prior to the delivery will be required, by virtue of the fact that the Senior Notes initially settle on the 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> business day
after the date of the Preliminary 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 should consult their advisors. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The issuer has filed a registration statement including a prospectus and prospectus supplement with
the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send
you the prospectus and the prospectus supplement if you request them by calling Deutsche Bank AG, London Branch toll free at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-503-4611;</FONT></FONT></FONT> Merrill Lynch International toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-294-1322</FONT></FONT></FONT> or J.P. Morgan Securities plc at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+44-207-134-2468;.</FONT></FONT></FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Any underwriter that is not a broker-dealer registered with the Securities and Exchange Commission 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. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 European Economic Area (the &#147;<B>EEA</B>&#148;). For these purposes, a retail investor means a person who is one (or more) of: (i)&nbsp;a retail client as defined in point (11)&nbsp;of Article 4(1) of Directive 2014/65/EU (as
amended, <B>&#147;MiFID II&#148;</B>); 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 <B>&#147;PRIIPs Regulation&#148;</B>) 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<B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 UK
Retail Investor in the United Kingdom. For these purposes, a UK 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 United
Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the <B>&#147;EUWA&#148;</B>); or (ii)&nbsp;a customer within the meaning of the provisions of the United Kingdom Financial Services and Markets Act 2000 (as
amended, the <B>&#147;FSMA&#148;</B>) 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 United Kingdom domestic law by virtue of the EUWA. Consequently no key information document required by the PRIIPs Regulation as it forms part of domestic law by virtue of the EUWA (the <B>&#147;UK
PRIIPs Regulation&#148;</B>) for offering or selling the Senior Notes or otherwise making them available to UK Retail Investors in the United Kingdom has been prepared and therefore offering or selling the Senior Notes or otherwise making them
available to any UK Retail Investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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;<B>distributor</B>&#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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 (<B>&#147;COBS&#148;</B>), and professional
clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA (<B>&#147;UK MiFIR&#148;</B>); and (ii)&nbsp;all channels for distribution of the Senior Notes to eligible counterparties and professional
clients are appropriate. Any distributor 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 <B>&#147;UK
MiFIR Product Governance Rules&#148;</B>) 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such
disclaimers were automatically generated as a result of this communication being sent via email or another communication system. </P>
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