<SEC-DOCUMENT>0000950103-22-003908.txt : 20220303
<SEC-HEADER>0000950103-22-003908.hdr.sgml : 20220303
<ACCEPTANCE-DATETIME>20220302202042
ACCESSION NUMBER:		0000950103-22-003908
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220303
DATE AS OF CHANGE:		20220302
EFFECTIVENESS DATE:		20220303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AES CORP
		CENTRAL INDEX KEY:			0000874761
		STANDARD INDUSTRIAL CLASSIFICATION:	COGENERATION SERVICES & SMALL POWER PRODUCERS [4991]
		IRS NUMBER:				541163725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-263244
		FILM NUMBER:		22706267

	BUSINESS ADDRESS:	
		STREET 1:		4300 WILSON BOULEVARD
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
		BUSINESS PHONE:		7035221315

	MAIL ADDRESS:	
		STREET 1:		4300 WILSON BOULEVARD
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AES CORPORATION
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>dp168383_s3asr.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on March 2, 2022</B>&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-3</B>&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE AES CORPORATION</B>&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 9pt; font-size: 12pt; text-align: center; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>54-1163725</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Incorporation or Organization)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification Number)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4300 Wilson Boulevard </B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arlington, Virginia 22203 </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(703) 522-1315</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jennifer V. Gillcrist, Esq.</B></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Associate General Counsel</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The AES Corporation </B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4300 Wilson Boulevard </B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arlington, Virginia 22203 </B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #666666">(</FONT><B>703)
    522-1315 </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%; font-size: 12pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-size: 10pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B><I>Copy to:</I></B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; font-size: 12pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richard D. Truesdell, Jr., Esq. </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell LLP </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>450 Lexington Avenue </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10017 </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 450-4000</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Approximate date of commencement of proposed
sale to the public</B>: From time to time after this Registration Statement becomes effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the only securities being registered on this
Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box. &#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a registration statement pursuant
to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the following box. &#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment to
a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 346.5pt; text-indent: -326.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The AES Corporation</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock, Preferred Stock, Depositary Shares,
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Debt Securities, Warrants, Purchase Contracts
and Units</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may offer from time to time common stock, preferred
stock, depositary shares representing preferred stock, debt securities, warrants, purchase contracts or units. In addition, certain selling
securityholders to be identified in a prospectus supplement may offer and sell these securities from time to time, in amounts, at prices
and on terms that will be determined at the time the securities are offered. Specific terms of these securities will be provided in supplements
to this prospectus. You should read this prospectus and any supplement carefully before you invest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our common stock and corporate units are listed
on the New York Stock Exchange under the symbol &ldquo;AES&rdquo; and &ldquo;AESC&rdquo;, respectively.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in these securities involves certain
risks. See &ldquo;Risk Factors&rdquo; beginning on page 56 of our annual report on Form 10-K for the year ended December 31, 2021, which
is incorporated by reference herein.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved these securities, or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>This prospectus may not be used to sell securities
unless accompanied by a prospectus supplement</B>.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is March 2, 2022</B></P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not authorized anyone to provide any information
other than that contained or incorporated by reference in this prospectus or in any free writing prospectus prepared by or on behalf of
us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you. We are not making an offer of these securities in any state where the offer is not permitted. You should not
assume that the information contained in or incorporated by reference in this prospectus or any prospectus supplement or in any such free
writing prospectus is accurate as of any date other than their respective dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms &ldquo;AES&rdquo;, &ldquo;we,&rdquo;
&ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to The AES Corporation and its subsidiaries.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid; font-size: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; font-size: 12pt"><FONT STYLE="font-size: 10pt">The AES Corporation </FONT></TD>
    <TD STYLE="text-align: right; width: 38%; font-size: 12pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Special Note on Forward-Looking Statements</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Description of Securities</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Validity of Securities</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Incorporated in 1981, AES is a global energy company
accelerating the future of energy. Together with our many stakeholders, we are improving lives by delivering the greener, smarter energy
solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with
our customers on their strategic energy transitions and continuing to meet their energy needs today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We are organized into four market-oriented SBUs:
US and Utilities (United States, Puerto Rico and El Salvador); South America (Chile, Colombia, Argentina and Brazil); MCAC (Mexico, Central
America and the Caribbean); and Eurasia (Europe and Asia). We have two lines of business: generation and utilities. Each of our SBUs participates
in our first business line, generation, in which we own and/or operate power plants to generate and sell power to customers, such as utilities,
industrial users, and other intermediaries. Our US and Utilities SBU participates in our second business line, utilities, in which we
own and/or operate utilities to generate or purchase, distribute, transmit and sell electricity to end-user customers in the residential,
commercial, industrial and governmental sectors within a defined service area. In certain circumstances, our utilities also generate and
sell electricity on the wholesale market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our principal offices are located at 4300 Wilson
Boulevard, Arlington, Virginia 22203. Our telephone number is (703) 522-1315. Our website address is <I>http://www.aes.com</I>. We are
not incorporating the contents of the website into this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The name &ldquo;AES&rdquo; and our logo are AES
owned trademarks, service marks or trade names. All other trademarks, trade names or service marks appearing or incorporated by reference
in this prospectus are owned by their respective holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration statement
that we filed with the Securities and Exchange Commission, or the SEC, utilizing a &ldquo;shelf&rdquo; registration process. Under this
shelf process, we and/or the selling securityholders may 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 and/or the selling securityholders may offer.
Each time we and/or the selling securityholders sell securities pursuant to the registration statement of which this prospectus forms
a part, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus
supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and any prospectus
supplement together with additional information described under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have filed or incorporated by reference exhibits
to the registration statement of which this prospectus forms a part. You should read the exhibits carefully for provisions that may be
important to you.</P>

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. The SEC maintains an Internet website at http://www.sec.gov, from which interested
persons can electronically access our reports, proxy and information statements and other information that we file electronically with
the SEC, including the registration statement and the exhibits and schedules thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will
automatically update and supersede this information. We incorporate by reference the documents listed below and all documents we file
pursuant to Section 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as amended, on or after the date of this prospectus
and prior to the termination of the offering under this prospectus and any prospectus supplement (other than, in each case, documents
or information deemed to have been furnished and not filed in accordance with SEC rules):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
Report on Form 10-K for the year ended December 31, 2021;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Proxy Statement on Schedule 14A filed with the SEC on March 3, 2021;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of our common stock contained on Form 8-A/A filed with the SEC on May 12, 2000, including any amendment or report filed for
the purpose of updating that description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may request a copy of these filings at no
cost, by writing or telephoning the office of the General Counsel, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203,
telephone number (703) 522-1315.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus, including the documents incorporated
by reference herein, contains &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities Litigation Reform
Act of 1995. Although we believe that these forward-looking statements and the underlying assumptions are reasonable, we cannot assure
you that they will prove to be correct. Forward-looking statements involve a number of risks and uncertainties, and there are factors
that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Some of those
factors (in addition to others described elsewhere in this prospectus and in subsequent securities filings) include those factors discussed
under the captions entitled &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and
Results of Operations&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we believe the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements.
Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.
We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future
events, or otherwise. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will
be made with respect to those or other forward-looking statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated in a prospectus supplement,
the net proceeds from the sale of the securities will be used for general corporate purposes, including working capital, acquisitions,
retirement of debt and other business opportunities. In the case of a sale by a selling securityholder, we will not receive any of the
proceeds from such sale.</P>

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and/or the selling securityholders may sell,
from time to time, in one or more offerings, the following securities:</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will set forth in the applicable prospectus
supplement or other offering material a description of the common stock, preferred stock, depositary shares, debt securities, warrants,
purchase contracts and units, which may be offered under this prospectus. Any common stock or preferred stock that we offer may include
rights to acquire our common stock or preferred stock under any shareholder rights plan then in effect, if applicable under the terms
of any such plan. The terms of the offering of securities, including the initial offering price and the net proceeds to us, will be contained
in the prospectus supplement or other offering material relating to such offer. The prospectus supplement or any other offering material
may also add, update or change information contained in this prospectus. You should carefully read this prospectus, any prospectus supplement
or other offering material before you invest in any of our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of the securities in respect of which
this prospectus is being delivered will be passed on for us by Davis Polk &amp; Wardwell LLP.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333; text-indent: 0.5in">The consolidated financial statements
of The AES Corporation appearing in The AES Corporation&rsquo;s Annual Report (Form 10-K) for the year ended December 31, 2021, and the
effectiveness of The AES Corporation&rsquo;s internal control over financial reporting as of December 31, 2021, have been audited by Ernst
&amp; Young LLP, independent registered public accounting firm, as set forth in their reports thereon included therein, and incorporated
herein by reference. Such financial statements are, and audited financial statements to be included in subsequently filed documents will
be, incorporated herein in reliance upon the reports of Ernst &amp; Young LLP pertaining to such financial statements and the effectiveness
of our internal control over financial reporting as of the respective dates (to the extent covered by consents filed with the SEC) given
on the authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 14. Other Expenses of Issuance and Distribution </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth the costs and expenses
payable by the Registrant in connection with the sale of the securities being registered hereby.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 89%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount to be Paid</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Registration fee&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Printing&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Legal fees and expenses (including Blue Sky fees)&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Transfer agent and trustee fees and expenses&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Rating agency fees&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Accounting fees and expenses&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Miscellaneous&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">TOTAL&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;**</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 2.25pt solid">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Omitted because the registration fee is being deferred pursuant to Rule 456(b).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD>The amount of these expenses is not presently known.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 15. Indemnification of Directors and Officers </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Article VIII of the By-Laws of The AES Corporation
(the &ldquo;Company&rdquo;), and in accordance with Section 145 of the Delaware General Corporation Law (&ldquo;GCL&rdquo;), the Company
shall indemnify any person who was or is a party or is threatened to be made a party to, or was or is involved (as a witness or otherwise)
in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than
any action or suit by or in the right of the Company to procure a judgment in its favor, which is hereinafter referred to as a &ldquo;derivative
action&rdquo;) by reason of the fact that such person is or was a director, officer or employee of the Company, or is or was serving in
such capacity or as an agent at the request of the Company for another entity, to the full extent authorized by Delaware law, against
all expenses (including, but not limited to, attorneys&rsquo; fees, judgments, fines, penalties, and amounts paid in settlement) actually
and reasonably incurred in connection with the defense or settlement of such action, suit or proceeding if such person acted in good faith
and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any
criminal action or proceeding, had no reasonable cause to believe was unlawful. Agents of the Company may be similarly indemnified, at
the discretion of the Board of Directors. The GCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification
may be entitled under any by-law, agreement, vote of stockholders or disinterested directors or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Section 145 of the GCL, a similar standard
of care is applicable in the case of derivative actions, except that indemnification only extends to expenses (including attorneys&rsquo;
fees) incurred in connection with the defense or settlement of such an action and then, where the person is adjudged to be liable to the
Company, only if and to the extent that the Court of Chancery of the State of Delaware or the court in which such action was brought determines
that such person is fairly and reasonably entitled to such indemnity and only for such expenses as the court shall deem proper.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Company&rsquo;s By-Laws, a person
eligible for indemnification may have the expenses incurred in connection with any matter described above paid in advance of a final disposition
by the Company. However, such</P>

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


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">advances
will only be made upon the delivery of an undertaking by or on behalf of the indemnified person to repay all amounts so advanced if it
is ultimately determined that such person is not entitled to indemnification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, under the Company&rsquo;s By-Laws,
the Company may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Company
or of another entity against any expense, liability or loss incurred by such person in such capacity, or arising out of the person&rsquo;s
status as such, whether or not the Company would have the power or the obligation to indemnify such person against such expense, liability
or loss under the provisions of the Company&rsquo;s By-Laws or the GCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 102(b)(7) of the GCL permits a corporation
to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or
its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director&rsquo;s
duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of law, (iii) for unlawful payments of dividends or unlawful stock repurchases, redemptions or other distributions,
or (iv) for any transaction from which the director derived an improper personal benefit. The Company&rsquo;s Certificate of Incorporation
provides for such limitation of liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any underwriting agreement that the Company may
enter into in connection with the sale of any securities registered hereunder may provide for indemnification of directors and officers
of the Company by the underwriters against certain liabilities.</P>

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


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 16. Exhibits and Financial Statement Schedules </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits
are filed as part of this Registration Statement:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; width: 10%; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="padding-top: 3pt; width: 90%; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Document</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">1.1*</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/874761/000104746909001899/a2190712zex-3_1.htm"><FONT STYLE="font-size: 10pt">&#9;3.1&#9;</FONT></A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/874761/000104746909001899/a2190712zex-3_1.htm"><FONT STYLE="font-size: 10pt">Sixth Restated Certificate of Incorporation of The AES Corporation is incorporated herein by reference to Exhibit 3.1 of the Company&rsquo;s Form 10-K for the year ended December 31, 2008</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/874761/000087476119000072/aesbylaws122019.htm"><FONT STYLE="font-size: 10pt">&#9;3.2&#9;</FONT></A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/874761/000087476119000072/aesbylaws122019.htm"><FONT STYLE="font-size: 10pt">Amended and Restated By-Laws of The AES Corporation, as amended and incorporated herein by reference to Exhibit 3.1 of the Company's Form 8-K filed on December 10, 2019</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/874761/0000950103-98-001088.txt"><FONT STYLE="font-size: 10pt">&#9;4.1&#9;</FONT></A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/874761/0000950103-98-001088.txt"><FONT STYLE="font-size: 10pt">Senior Indenture, dated as of December 8, 1998, between The AES Corporation and Wells Fargo Bank, National Association, as successor to Bank One, National Association (formerly known as The First National Bank of Chicago) is incorporated herein by reference to Exhibit 4.01 of the Company&rsquo;s Form 8-K filed on December 11, 1998 (SEC File No. 001-12291)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/874761/000104746907009853/a2181167zex-4_6.htm"><FONT STYLE="font-size: 10pt">&#9;4.2&#9;</FONT></A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><A HREF="http://www.sec.gov/Archives/edgar/data/874761/000104746907009853/a2181167zex-4_6.htm"><FONT STYLE="font-size: 10pt">Ninth Supplemental Indenture, dated as of April 3, 2003, between The AES Corporation and Wells Fargo Bank, National Association (as successor by consolidation to Wells Fargo Bank Minnesota, National Association) is incorporated herein by reference to Exhibit 4.6 of the Company&rsquo;s Form S-4 filed on December 7, 2007</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.3*</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form of Senior Subordinated Indenture between the Company and the trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.4*</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form of Senior Note</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.5*</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form of Subordinated Note</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.6*</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form of Deposit Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.7*</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form of Warrant Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.8*</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form of Purchase Contract</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.9*</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Form of Unit Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#9;<A HREF="dp168383_ex0501.htm">5.1</A>&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><A HREF="dp168383_ex0501.htm">Opinion of Davis Polk &amp; Wardwell LLP</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#9;<A HREF="dp168383_ex2301.htm">23.1</A>&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><A HREF="dp168383_ex2301.htm">Consent of Ernst &amp; Young LLP&nbsp;&nbsp;</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#9;<A HREF="dp168383_ex0501.htm">23.2</A>&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><A HREF="dp168383_ex0501.htm">Consent of Davis Polk &amp; Wardwell LLP (included in Exhibit 5.1)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><A HREF="#poa"><FONT STYLE="font-size: 10pt">&#9;24.1&#9;</FONT></A></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><A HREF="#poa"><FONT STYLE="font-size: 10pt">Power of Attorney (included on the signature page of the Registration Statement)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#9;<A HREF="dp168383_ex2501.htm">25.1</A>&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><A HREF="dp168383_ex2501.htm">Statement of Eligibility on Form T-1 of Deustche Bank Trust Company Americas, National Association for senior debt securities</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">25.2**</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Statement of Eligibility on Form T-1 of the trustee for subordinated debt securities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#9;<A HREF="dp168383_ex-filingfees.htm">107</A>&#9;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><A HREF="dp168383_ex-filingfees.htm">Filing Fee Table</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* To be filed by amendment or incorporated by reference in connection
with the offering of the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** To be filed in accordance with the requirements of Section 305(b)(2)
of the Trust Indenture Act of 1939 and Rule 5b-3 thereunder (for Statement of Eligibility).</P>

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made of securities registered hereby, a post-effective amendment to this registration
statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>provided</I>, <I>however</I>, that paragraphs (i), (ii)
and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement, or is contained in a form
of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date
the filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule
430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by
Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">The undersigned registrant undertakes
that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to
such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of
such issue.</P>

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


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Arlington, State of Virginia, on March 2, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">The AES Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Stephen Coughlin</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 38%; padding-left: 6.75pt"><FONT STYLE="font-size: 10pt">Stephen Coughlin</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Executive Vice President and Chief Financial Officer</FONT></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><A NAME="poa"></A>KNOW ALL BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints Paul L. Freedman and Stephen Coughlin, and each of them, his or her true and lawful attorneys-in-fact
and agents, with full power to act separately and full power of substitution and resubstitution, for him or her and in his or her name,
place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration
statement and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange
Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or his or her or their substitute or substitutes
may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities, in the locations and
on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: black 1pt solid; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;/s/&nbsp;Andr&eacute;s&nbsp;Gluski</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">President, Chief Executive Officer (Principal Executive Officer) and Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Andr&eacute;s Gluski</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Janet G. Davidson</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Janet G. Davidson</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Tarun Khanna</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tarun Khanna</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Holly K. Koeppel</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Holly K. Koeppel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 1.1pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Julia M. Laulis</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Julia M. Laulis</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ James H. Miller</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>James H. Miller</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Alain Moni&eacute;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Alain Moni&eacute;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ John B. Morse</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.25pt">Chairman of the Board and Lead Independent Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.25pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>John B. Morse</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/&nbsp;Mois&eacute;s&nbsp;Na&iacute;m</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Moises Naim</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/&nbsp;Teresa Sebastian</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Teresa Sebastian</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 1.1pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Maura Shaughnessy</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Maura Shaughnessy</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/&nbsp;Stephen Coughlin</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Executive Vice President and Chief Financial Officer (Principal Financial Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Stephen Coughlin</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/&nbsp;Sherry L. Kohan</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-left: 2.25pt"><FONT STYLE="font-size: 10pt">Vice President and Controller (Principal Accounting Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Sherry L. Kohan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2.25pt; text-align: center"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 13; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp168383_ex0501.htm
<DESCRIPTION>EXHIBITS 5.1 AND 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibits 5.1 and 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OPINION OF DAVIS POLK &amp; WARDWELL LLP</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 2, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The AES Corporation<BR>
4300 Wilson Boulevard<BR>
Arlington, Virginia 22203</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The AES Corporation, a Delaware corporation (the
&ldquo;<B>Company</B>&rdquo;), is filing with the Securities and Exchange Commission a Registration Statement on Form S-3 (the &ldquo;<B>Registration
Statement</B>&rdquo;) for the purpose of registering under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;),
(a) shares of common stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;) of the Company; (b) shares of preferred
stock, without par value (the &ldquo;<B>Preferred Stock</B>&rdquo;) of the Company; (c) depositary shares representing interests in Preferred
Stock (the &ldquo;<B>Depositary Shares</B>&rdquo;), which may be issued pursuant to one or more preferred stock deposit agreements (each,
a &ldquo;<B>Deposit Agreement</B>&rdquo;) to be entered into between the Company and the depositary to be named therein (the &ldquo;<B>Depositary</B>&rdquo;);
(d) the Company&rsquo;s senior debt securities and subordinated debt securities (collectively, the &ldquo;<B>Debt Securities</B>&rdquo;),
which may be issued pursuant to a senior debt indenture between the Company and Deutsche Bank Trust Company Americas, as trustee (the
&ldquo;<B>Senior Debt Trustee</B>&rdquo;), as amended and supplemented through the date hereof (the &ldquo;<B>Senior Debt Indenture</B>&rdquo;)
and a subordinated debt indenture between the Company and a trustee to be named therein, as trustee (the &ldquo;<B>Subordinated Debt Trustee</B>&rdquo;
and, together with the Senior Debt Trustee, the &ldquo;<B>Trustees</B>&rdquo;), as amended and supplemented through the date hereof (the
&ldquo;<B>Subordinated Debt Indenture</B>,&rdquo; and together with the Senior Debt Indenture, the &ldquo;<B>Indentures</B>&rdquo;); (e)
warrants of the Company (the &ldquo;<B>Warrants</B>&rdquo;), which may be issued under one or more warrant agreements (each, a &ldquo;<B>Warrant
Agreement</B>&rdquo;) to be entered into between the Company and the warrant agent to be named therein (the &ldquo;<B>Warrant Agent</B>&rdquo;);
(f) purchase contracts (the &ldquo;<B>Purchase Contracts</B>&rdquo;) which may be issued under one or more purchase contract agreements
(each, a &ldquo;<B>Purchase Contract Agreement</B>&rdquo;) to be entered into between the Company and the purchase contract agent to be
named therein (the &ldquo;<B>Purchase Contract Agent</B>&rdquo;); and (g) units (the &ldquo;<B>Units</B>&rdquo;) to be issued under one
or more unit agreements to be entered into among the Company, a bank or trust company, as unit agent (the &ldquo;<B>Unit Agent</B>&rdquo;),
and the holders from time to time of the Units (each such unit agreement, a &ldquo;<B>Unit Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We, as your counsel, have examined originals or
copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable
for the purpose of rendering this opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In rendering the opinions expressed herein, we
have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete,
(ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all documents filed as exhibits to the Registration
Statement that have not been executed will conform to the forms thereof, (iv) all signatures on all documents that we reviewed are genuine,
(v) all natural persons executing documents had and have the legal capacity to do so, (vi) all statements in certificates of public officials
and officers of the Company that we reviewed were and are accurate and (vii) all representations made by the Company as to matters of
fact in the documents that we reviewed were and are accurate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based upon the foregoing, and subject to the additional
assumptions and qualifications set forth below, we advise you that, in our opinion:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the necessary corporate action on the part of the Company has been taken to authorize the issuance and sale of such shares of Common Stock
proposed to be sold by the Company, and when such shares of Common Stock are issued and delivered in accordance with the applicable underwriting
or other agreement against payment therefor (in excess of par value thereof) or upon conversion or exercise of any security offered under
the Registration Statement (the &ldquo;<B>Offered Security</B>&rdquo;), in accordance with the terms of such Offered Security or the instrument
governing such Offered Security providing for such conversion or exercise as approved by the Board of Directors of the Company, for the
consideration approved by such Board of Directors (which consideration is not less than the par value of the Common Stock), such shares
of Common Stock will be validly issued, fully-paid and non-assessable.</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
designation of the relative rights, preferences and limitations of any series of Preferred Stock by the Board of Directors of the Company
and the proper filing with the Secretary of State of the State of Delaware of a Certificate of Designation relating to such series of
Preferred Stock, all necessary corporate action on the part of the Company will have been taken to authorize the issuance and sale of
such series of Preferred Stock proposed to be sold by the Company, and when such shares of Preferred Stock are issued and delivered in
accordance with the applicable underwriting or other agreement against payment therefor (in excess of par value thereof), such shares
of Preferred Stock will be validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Deposit Agreement to be entered into in connection with the issuance of any Depositary Shares has been duly authorized, executed and
delivered by the Depositary and the Company; the specific terms of the Depositary Shares have been duly authorized and established in
accordance with the Deposit Agreement; and such Depositary Shares have been duly authorized, executed, issued and delivered in accordance
with the Deposit Agreement and the applicable underwriting or other agreement against payment therefor, such Depositary Shares will constitute
legal and valid interests in the corresponding shares of Preferred Stock, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable principles of general applicability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Indentures and any supplemental indenture to be entered into in connection with the issuance of any Debt Securities have been duly
authorized, executed and delivered by the Trustees and the Company; the specific terms of a particular series of Debt Securities have
been duly authorized and established in accordance with the applicable Indenture; and such Debt Securities have been duly authorized,
executed, authenticated, issued and delivered in accordance with such Indenture and the applicable underwriting or other agreement against
payment therefor, such Debt Securities will constitute valid and binding obligations of the Company, enforceable in accordance with their
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness
and equitable principles of general applicability, provided that we express no opinion as to (y) the enforceability of any waiver of rights
under any usury or stay law or (z) the validity, legally binding effect or enforceability of any provision that permits holders to collect
any portion of stated principal amount upon acceleration of the Debt Securities to the extent determined to constitute unearned interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Warrant Agreement to be entered into in connection with the issuance of any Warrants has been duly authorized, executed and delivered
by the Warrant Agent and the Company; the specific terms of the Warrants have been duly authorized and established in accordance with
the Warrant Agreement; and such Warrants have been duly authorized, executed, issued and delivered in accordance with the Warrant Agreement
and the applicable underwriting or other agreement against payment therefor, such Warrants will constitute valid and binding obligations
of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo;
rights generally, concepts of reasonableness and equitable principles of general applicability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Purchase Contract Agreement to be entered into in connection with the issuance of any Purchase Contracts has been duly authorized,
executed and delivered by the Purchase Contract Agent and the Company; the specific terms of the Purchase Contracts have been duly authorized
and established in accordance with the Purchase Contract Agreement; and such Purchase Contracts have been duly authorized, executed, issued
and delivered in accordance with the Purchase Contract Agreement and the applicable underwriting or other agreement against payment therefor,
such Purchase Contracts will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable
principles of general applicability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Unit Agreement to be entered into in connection with the issuance of any Units has been duly authorized, executed and delivered by
the Unit Agent and the Company; the specific terms of the Units have been duly authorized and established in accordance with the Unit
Agreement; and such Units have been duly authorized, executed, issued and delivered in accordance with the Unit Agreement and the applicable
underwriting or other agreement against payment therefor, such Units will constitute valid and binding obligations of the Company, enforceable
in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally,
concepts of reasonableness and equitable principles of general applicability.</P>

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the opinions expressed above,
we have assumed that, at or prior to the time of the delivery of any such security, (i) the Board of Directors of the Company shall have
duly established the terms of such security and duly authorized the issuance and sale of such security and such authorization shall not
have been modified or rescinded; (ii) the Company shall remain, validly existing as a corporation in good standing under the laws of the
State of Delaware; (iii) the Registration Statement shall have become effective and such effectiveness shall not have been terminated
or rescinded; (iv) the Deposit Agreement, the Indentures the Debt Securities, the Warrant Agreement, the Purchase Contract Agreement and
the Unit Agreement are each valid, binding and enforceable agreements of each party thereto (other than as expressly covered above in
respect of the Company); and (v) there shall not have occurred any change in law affecting the validity or enforceability of such security.
We have also assumed that (i) the terms of any security whose terms are established subsequent to the date hereof and the issuance, execution,
delivery and performance by the Company of any such security (a) require no action by or in respect of, or filing with, any governmental
body, agency or official and (b) do not contravene, or constitute a default under, any provision of applicable law or public policy or
regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon the Company and (ii) any Warrant
Agreement, Purchase Contract Agreement and Unit Agreement will be governed by the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are members of the Bar of the State of New
York and the foregoing opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement referred to above and further consent to the reference to our name under the caption &ldquo;Validity
of Securities&rdquo; in the prospectus, which is a part of the Registration Statement. In giving this consent, we do not admit that we
are in the category of persons whose consent is required under Section 7 of the Securities Act.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">Very truly
yours,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">/s/ Davis
Polk &amp; Wardwell LLP</P>
</TD></TR>
</TABLE>

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

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

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

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 243pt">&nbsp;</P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dp168383_ex2301.htm
<DESCRIPTION>EXHBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333"><FONT STYLE="font-size: 10pt"><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #333333">We consent to the reference
to our firm under the caption &quot;Experts&quot; in this Registration Statement (Form S-3) and related Prospectus of The AES Corporation
for the registration of its common stock</FONT><FONT STYLE="font-size: 10pt">, preferred stock, depositary shares, debt securities, warrants,
purchase contracts, and units <FONT STYLE="color: #333333">and to the incorporation by reference therein of our reports dated February
28, 2022, with respect to the consolidated financial statements and schedule of The AES Corporation,&nbsp;and the effectiveness of internal
control over financial reporting of The AES Corporation, included in its Annual Report (Form 10-K) for the year ended December 31, 2021,
filed with the Securities and Exchange Commission.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">/s/ Ernst &amp; Young
LLP</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">Tysons, Virginia</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><FONT STYLE="font-size: 10pt">March 2, 2022</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>4
<FILENAME>dp168383_ex2501.htm
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 25.1</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>____________________</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
T-1</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATEMENT
OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK
IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>______________________________</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEUTSCHE
BANK TRUST COMPANY AMERICAS</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(formerly
BANKERS TRUST COMPANY)</B></FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of trustee as specified in its charter)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.8in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW YORK</B></FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13-4941247</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction of Incorporation of</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">organization if not a U.S. national bank)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification no.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>60 WALL STREET</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW YORK, NEW YORK</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10005</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">executive offices)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deutsche
Bank Trust Company Americas</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Attention:
Mirko Mieth</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Legal
Department</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1
Columbus Circle, 19th Floor</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
York, New York 10019</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(212)
250 &ndash; 1663</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
address and telephone number of agent for service)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>______________________________________________________</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<B>THE AES CORPORATION</B><BR>
(Exact name of obligor as specified in its charter)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>54-1163725</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4300 Wilson Boulevard</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Arlington, Virginia </B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22203</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____________________________</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Debt
Securities<BR>
</B>(Title of the Indenture securities)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
                                            Information.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnish
the following information as to the trustee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="margin-top: 0; margin-bottom: 0; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
                                            and address of each examining or supervising authority to which it is subject.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name</U></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Address</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Reserve Bank (2nd District)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Deposit Insurance Corporation</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, D.C.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York State Banking Department</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Albany, NY</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether it is authorized to exercise
    corporate trust powers.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;&nbsp;&nbsp;2.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Affiliations with Obligor.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the obligor is an affiliate of the Trustee, describe
    each such affiliation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3. -15.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;&nbsp;16.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>List of Exhibits.</B></FONT></TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    1 -</B></FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restated Organization Certificate
    of Bankers Trust Company dated August&nbsp;6, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company
    dated September 16, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated December 16, 1998;
    Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 3, 1999; and Certificate of Amendment
    of the Organization Certificate of Bankers Trust Company dated February 27, 2002, incorporated herein by reference to Exhibit 1 filed
    with Form T-1 Statement, Registration No. 333-201810.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 2 -</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Authority to commence business, incorporated
    herein by reference to Exhibit 2 filed with Form T-1 Statement, Registration No. 333-201810.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 3 -</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization of the Trustee to exercise corporate
    trust powers, incorporated herein by reference to Exhibit 3 filed with Form T-1 Statement, Registration No. 333-201810.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
4 -</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A copy of existing By-Laws of Deutsche Bank Trust Company
    Americas, dated April 29, 2021 (see attached).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    5 -</B></FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    6 -</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Bankers Trust Company required by Section
    321(b) of the Act, incorporated herein by reference to Exhibit 6 filed with Form T-1 Statement, Registration No. 333-201810.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    7 -</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A copy of the latest report of condition of the trustee
    published pursuant to law or the requirements of its supervising or examining authority.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 8 -</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    9 -</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Deutsche Bank Trust Company Americas, a corporation
organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf
by the undersigned, thereunto duly authorized, all in The City of New York, and State of New York, on this 2nd day of March, 2022.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0"></P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">DEUTSCHE BANK TRUST COMPANY AMERICAS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Luke Russell &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Luke Russell</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 4</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">AMENDED AND
RESTATED BY-LAWS OF DEUTSCHE BANK TRUST COMPANY AMERICAS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
I</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
STOCKHOLDERS</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
1.01</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Annual Meeting</U>. The annual
meeting of the stockholders of Deutsche Bank Trust Company Americas (the &ldquo;Company&rdquo;) shall be held in the City of New York
within the State of New York within the first four months of the Company&rsquo;s fiscal year, on such date and at such time and place
as the board of directors of the Company (&ldquo;Board of Directors&rdquo; or &ldquo;Board&rdquo;) may designate in the call or in a
waiver of notice thereof, for the purpose of electing directors and for the transaction of such other business as may properly be brought
before the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
1.02</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Special Meetings</U>. Special
meetings of the stockholders of the Company may be called by the Board of Directors or by the President, and shall be called by the President
or by the Secretary upon the written request of the holders of record of at least twenty-five percent (25%) of the shares of stock of
the Company issued and outstanding and entitled to vote, at such times. If for a period of thirteen months after the last annual meeting,
there is a failure to elect a sufficient number of directors to conduct the business of the Company, the Board of Directors shall call
a special meeting for the election of directors within two weeks after the expiration of such period; otherwise, holders of record of
ten percent (10%) of the shares of stock of the Company entitled to vote in an election of directors may, in writing, demand the call
of a special meeting at the office of the Company for the election of directors, specifying the date and month thereof, but not less
than two nor more than three months from the date of such call. At any such special meeting called on demand of stockholders, the stockholders
attending, in person or by proxy, and entitled to vote in an election of directors shall constitute a quorum for the purpose of electing
directors, but not for the transaction of any other business.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
1.03</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Notice of Meetings</U>. Notice
of the time, place and purpose of every meeting of stockholders shall be delivered personally or mailed not less than 10 nor more than
50 days before the date of such meeting (or any other action) to each stockholder of record entitled to vote, at his post office address
appearing upon the records of the Company or at such other address as shall be furnished in writing by him to the Secretary of the Company
for such purpose. Such further notice shall be given as may be required by law or by these By-Laws. Any meeting may be held without notice
if all stockholders entitled to vote are present in person or by proxy, or if notice is waived in writing, either before or after the
meeting, by those not present.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
1.04.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Quorum</U>. The holders of
record of at least a majority of the shares of the stock of the Company issued and outstanding and entitled to vote, present in person
or by proxy, shall, except as otherwise provided by law, by the Company&rsquo;s Organization Certificate or by these By-Laws, constitute
a quorum at all meetings of the stockholders; if there be no such quorum, the holders of a majority of such shares so present or represented
may adjourn the meeting from time to time until a quorum shall have been obtained.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
1.05</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Organization of Meetings</U>.
Meetings of the stockholders shall be presided over by the Chairman of the Board or, if he is not present, by the President or, if he
is not present, by a chairman to be chosen at the meeting. The Secretary of the Company, or in his absence an Assistant Secretary, shall
act as secretary of the meeting, if present.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
1.06</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Voting</U>. At each meeting
of stockholders, except as otherwise provided by statute, the Company&rsquo;s Organization Certificate or these By-Laws, every holder
of record of stock entitled to vote shall be entitled to one vote in person or by proxy for each share of such stock standing in his
name on the records of the Company. Elections of directors shall be determined by a plurality of the votes cast thereat and, except as
otherwise provided by statute, the Company&rsquo;s Organization Certificate or these By-Laws, all other action shall be determined by
a majority of the votes cast at such meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">At
all elections of directors, the voting shall be by ballot or in such other manner as may be determined by the stockholders present in
person or by proxy entitled to vote at such election.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
1.07</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Action by Consent</U>. Except
as may otherwise be provided in the Company&rsquo;s Organization Certificate, any action required or permitted to be taken at any meeting
of stockholders may be taken without a meeting, without prior notice and without a vote if, prior to such action, a written consent or
consents thereto, setting forth such action, is signed by all the holders of record of shares of the stock of the Company, issued and
outstanding and entitled to vote thereon, having not less than the minimum number of votes that would be necessary to authorize or take
such action at a meeting at which all shares entitled to vote thereon were present and voted.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
II</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
DIRECTORS</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
2.01</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Chairman of the Board</U>.
Following the election of the Board of Directors at each annual meeting, the elected Board shall appoint one of its members as Chairman.
The Chairman of the Board shall preside at all meetings of the Board of Directors and of the stockholders, and he shall perform such
other duties and have such other powers as from time to time may be prescribed by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
2.02.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Lead Independent Director</U>.
Following the election of the Board of Directors at each annual meeting, the elected Board may appoint one of its independent members
as its Lead Independent Director. When the Chairman of the Board is not present at a meeting of the Board of Directors, the Lead Independent
Director, if there be one, shall preside.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
2.03</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Director Emeritus</U>. The
Board of Directors may from time to time elect one or more Directors Emeritus. Each Director Emeritus shall be elected for a term expiring
on the date of the regular meeting of the Board of Directors following the next annual meeting. No Director Emeritus shall be considered
a &quot;director&quot; for purposes of these By-Laws or for any other purpose.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
2.04</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Powers, Number, Quorum, Term,
Vacancies, Removal</U>. The business and affairs of the Company shall be managed by or under the direction of the Board of Directors
which may exercise all such powers of the Company and do all such lawful acts and things as are not by statute or by the Company&rsquo;s
Organization Certificate or by these By-Laws required to be exercised or done by the stockholders.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
number of directors may be changed by a resolution passed by a majority of the members of the Board of Directors or by a vote of the
holders of record of at least a majority of the shares of stock of the Company issued and outstanding and entitled to vote, but at all
times the Board of Directors must consist of not less than seven nor more than thirty directors. No more than one-third of the directors
shall be active officers or employees of the Company. At least one-half of the directors must be citizens of the United States at the
time of their election and during their continuance in office.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Except
as otherwise required by law, rule or regulation, or by the Company&rsquo;s Organization Certificate, at all meetings of the Board of
Directors or any committee thereof, a majority of the entire Board of Directors or a majority of the directors constituting such committee,
as the case may be, shall constitute a quorum for the transaction of business and the act of a majority of the directors or committee
members present at any meeting at which there is a quorum shall be the act of the Board of Directors, or such committee, as applicable.
Any one or more members of the Board may participate in a meeting of the Board by means of a conference telephone or video, or other
similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation
by such means shall constitute presence in person at a meeting. Whether or not a quorum shall be present at any meeting of the Board
of Directors or a committee thereof, a majority of the directors present thereat may adjourn the meeting from time to time; notice of
the adjourned meeting shall be given to the directors who were not present at the time of the adjournment, but if the time and place
of the adjourned meeting are announced, no additional notice shall be required to be given to the directors present at the time of adjournment.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Directors
shall hold office until the next annual election and until their successors shall have been elected and shall have qualified. Director
vacancies not exceeding one-third of the whole number of the Board of Directors may be filled by the affirmative vote of a majority of
the directors then in office, and the directors so elected shall hold office for the balance of the unexpired term.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Any
one or more of the directors of the Company may be removed either with or without cause at any time by a vote of the holders of record
of at least a majority of the shares of stock of the Company, issued and outstanding and entitled to vote, and thereupon the term of
the director or directors who shall have been so removed shall forthwith terminate and there shall be a vacancy or vacancies in the Board
of Directors, to be filled by a vote of the stockholders as provided in these By-Laws.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
2.05</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Meetings, Notice</U>. Meetings
of the Board of Directors shall be held at such place either within or without the State of New York, as may from time to time be fixed
by resolution of the Board, or as may be specified in the call or in a waiver of notice thereof. Regular meetings of the Board of Directors
and its Executive Committee shall be held as often as may be required under applicable law, and special meetings may be held at any time
upon the call of two directors, the Chairman of the Board or the President, by oral, telegraphic or written notice duly served on or
sent or mailed to each director not less than two days before such meeting. Any meeting may be held without notice, if all directors
are present, or if notice is waived in writing, either before or after the meeting, by those not present.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
2.06.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Compensation</U>. The Board
of Directors may determine, from time to time, the amount of compensation, which shall be paid to its members. The Board of Directors
shall also have power, in its discretion, to allow a fixed sum and expenses for attendance at each regular or special meeting of the
Board, or of any committee of the Board. The Board of Directors shall also have power, in its discretion, to provide for and pay to directors
rendering services to the Company not ordinarily rendered by directors, as such, special compensation appropriate to the value of such
services, as determined by the Board from time to time.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
III</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
COMMITTEES</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
3.01.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Executive Committee</U>. There
shall be an Executive Committee of the Board who shall be appointed annually by resolution adopted by the majority of the entire Board
of Directors. The Chairman of the Board shall preside at meetings of the Executive Committee. In his absence, the Chief Executive Officer
or, in his absence, the President or any Co-President or, in their absence, such other member of the Executive Committee as the Executive
Committee from time to time may designate shall preside at such meetings.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
3.02.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Audit and Fiduciary Committee</U>.
There shall be an Audit and Fiduciary Committee appointed annually by resolution adopted by a majority of the entire Board of Directors
which shall consist of such number of independent directors, as may from time to time be fixed by the Audit and Fiduciary Committee charter
adopted by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
3.03</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Other Committees</U>. The
Board of Directors shall have the power to appoint any other Committees as may seem necessary, and from time to time to suspend or continue
the powers and duties of such Committees. Each Committee appointed pursuant to this Article shall serve at the pleasure of the Board
of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
3.04</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Limitations</U>. No committee
shall have the authority as to the following matters: (i) the submission to stockholders of any action that needs stockholders' authorization
under New York Banking Law; (ii) the filling of vacancies in the Board of Directors or in any such committee; (iii) the fixing of compensation
of the directors for serving on the Board of Directors or on any committee; (iv) the amendment or repeal of these By-Laws, or the adoption
of new by-laws; (v) the amendment or repeal of any resolution of the Board of Directors which by its terms shall not be so amendable
or repealable; or (vi) the taking of action which is expressly required by any provision of New York Banking Law to be taken at a meeting
of the Board of Directors or by a specified proportion of the directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
IV</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
OFFICERS</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.01</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Titles and Election</U>. The
officers of the Company, who shall be chosen by the Board of Directors within twenty-five days after each annual meeting of stockholders,
shall be a President, Chief Executive Officer, Chief Risk Officer, Chief Financial Officer, Treasurer, Secretary, and a General Auditor.
The Board of Directors from time to time may elect one or more Managing Directors, Directors, Vice Presidents, Assistant Secretaries,
Assistant Treasurers and such other officers and agents as it shall deem necessary, and may define their powers and duties. Any number
of offices may be held by the same person, except the offices of President and Secretary.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.02</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Terms of Office</U>. Each
officer shall hold office for the term for which he is elected or appointed, and until his successor has been elected or appointed and
qualified.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.03</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Removal</U>. Any officer may
be removed, either with or without cause, at any time, by the affirmative vote of a majority of the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.04</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Resignations</U>. Any officer
may resign at any time by giving written notice to the Board of Directors or to the Secretary. Such resignation shall take effect at
the time specified therein and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make
it effective.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.05</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Vacancies</U>. If the office
of any officer or agent becomes vacant by reason of death, resignation, retirement, disqualification, removal from office or otherwise,
the Board of Directors may choose a successor, who shall hold office for the unexpired term in respect of which such vacancy occurred.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.06</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>President</U>. The President
shall have general authority to exercise all the powers necessary for the President of the Company. In the absence of the Chairman and
the Lead Independent Director, the President shall preside at all meetings of the Board of Directors and of the stockholders. The President
shall have the power to execute bonds, mortgages and other contracts, agreements and instruments of the Company, and he shall perform
such other duties and have such other powers as may be incident to the office of the president of a corporation and as from time to time
may otherwise be prescribed by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.07.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Chief Executive Officer</U>.
Unless otherwise determined by the Board of Directors, the President shall be the Chief Executive Officer of the Company. The Chief Executive
Officer shall exercise the powers and perform the duties usual to the chief executive officer and, subject to the control of the Board
of Directors, shall have general management and control of the affairs and business of the Company; he shall appoint and discharge employees
and agents of the Company (other than officers elected by the Board of Directors); he shall see that all orders and resolutions of the
Board of Directors are carried into effect; he shall have the power to execute bonds, mortgages and other contracts, agreements and instruments
of the Company, and he shall perform such other duties and have such other powers as may be incident to the office of the chief executive
officer of a corporation and as from time to time may otherwise be prescribed by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.08</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Chief Risk Officer</U>. The
Chief Risk Officer shall have the responsibility for the risk management and monitoring of the Company. The Chief Risk Officer shall
have the power to execute bonds, notes, mortgages and other contracts, agreements and instruments of the Company, and he shall perform
such other duties and have such other powers as may be incident to his office and as from time to time may otherwise be prescribed by
the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.09</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Chief Financial Officer</U>.
The Chief Financial Officer shall have the responsibility for reporting to the Board of Directors on the financial condition of the Company,
preparing and submitting all financial reports required by applicable law, and preparing annual financial statements of the Company and
coordinating with qualified third party auditors to ensure such financial statements are audited in accordance with applicable law.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.10</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Treasurer</U>. The Treasurer
shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements
in books belonging to the Company and shall deposit all moneys, and other valuable effects in the name and to the credit of the Company,
in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Company as may be ordered by
the Board, taking proper vouchers for such disbursements, and shall render to the directors whenever they may require it an account of
all his transactions as Treasurer and of the financial condition of the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.11</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Secretary</U>. The Secretary
shall attend all sessions of the Board of Directors and all meetings of the stockholders and record all votes and the minutes of proceedings
in records or books to be kept for that purpose. He shall give, or cause to be given, notice of all meetings of the stockholders and
of the Board of Directors and shall perform such other duties and have such other powers as may be incident to the office of the secretary
of a corporation and as from time to time may otherwise be prescribed by the Board of Directors. The Secretary shall have and be the
custodian of the stock records and all other books, records and papers of the Company (other than financial) and shall see that all books,
reports, statements, certificates and other documents and records required by law are properly kept and filed.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.12.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>General Auditor</U>. The General
Auditor shall be responsible, through the Audit and Fiduciary Committee, to the Board of Directors for the determination of the program
of the internal audit function and the evaluation of the adequacy of the system of internal controls. Subject to the Board of Directors,
the General Auditor shall have and may exercise all the powers and shall perform all the duties usual to such office and shall have such
other powers as may be prescribed or assigned to him from time to time by the Board of Directors or vested in him by law or by these
By-Laws. He shall perform such other duties and shall make such investigations, examinations and reports as may be prescribed or required
by the Audit and Fiduciary Committee. The General Auditor shall have unrestricted access to all records and premises of the Company and
shall delegate such authority to his subordinates. He shall have the duty to report to the Audit and Fiduciary Committee on all matters
concerning the internal audit program and the adequacy of the system of internal controls of the Company which he deems advisable or
which the Audit and Fiduciary Committee may request.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.13</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Managing Directors, Directors
and Vice Presidents</U>. If chosen, the Managing Directors, Directors and Vice Presidents, in the order of their seniority, shall, in
the absence or disability of the President, exercise all of the powers and duties of the President. Such Managing Directors, Directors
and Vice Presidents shall have the power to execute bonds, notes, mortgages and other contracts, agreements and instruments of the Company,
and they shall perform such other duties and have such other powers as may be incident to their respective offices and as from time to
time may be prescribed by the Board of Directors or the President.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
4.14.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Duties of Officers may be
Delegated</U>. In case of the absence or disability of any officer of the Company, or for any other reason that the Board may deem sufficient,
the Board may delegate, for the time being, the powers or duties, or any of them, of such officer to any other officer.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
V</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
INDEMNIFICATION OF DIRECTORS, OFFICERS AND OTHERS</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.01</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Power to Indemnify in Actions,
Suits or Proceedings other than Those by or in the Right of the Company</U>. Subject to the other provisions of this Article V, and subject
to applicable law, the Company shall indemnify any person made or threatened to be made a party to an action or proceeding (other than
one by or in the right of the Company to procure a judgment in its favor), whether civil or criminal, including an action by or in the
right of any other corporation of any type or kind, domestic or foreign, or any partnership, joint venture, trust, employee benefit plan
or other enterprise, which any director or officer of the Company served in any capacity at the request of the Company, by reason of
the fact that such person, his or her testator or intestate, was a director or officer of the Company, or served such other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise in any capacity, against judgments, fines, amounts paid
in settlement and reasonable expenses, including attorneys' fees actually and necessarily incurred as a result of such action or proceeding,
or any appeal therein, if such director or officer acted, in good faith, for a purpose which such person reasonably believed to be in,
or, in the case of service for any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise,
not opposed to, the best interests of the Company, and had no reasonable cause to believe that such person&rsquo;s conduct was unlawful.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.02</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Power to Indemnify in Actions,
Suits or Proceedings by or in the Right of the Company</U>. Subject to the other provisions of this Article V, and subject to applicable
law, the Company shall indemnify any person made, or threatened to be made, a party to an action by or in the right of the Company to
procure a judgment in its favor by reason of the fact that such person, his or her testator or intestate, is or was a director or officer
of the Company, or is or was serving at the request of the Company as a director or officer of any other corporation of any type or kind,
domestic or foreign, of any partnership, joint venture, trust, employee benefit plan or other enterprise, against amounts paid in settlement
and reasonable expenses, including attorneys' fees, actually and necessarily incurred by such person in connection with the defense or
settlement of such action, or in connection with an appeal therein, if such director or officer acted, in good faith, for a purpose which
he reasonably believed to be in, or, in the case of service for any other corporation or any partnership, joint venture, trust, employee
benefit plan or other enterprise, not opposed to, the best interests of the Company, except that no indemnification under this Section
5.02 shall be made in respect of (a) a threatened action, or a pending action which is settled or otherwise disposed of, or (b) any claim,
issue or matter as to which such person shall have been adjudged to be liable to the Company, unless and only to the extent that the
court in which the action was brought, or, if no action was brought, any court of competent jurisdiction, determines upon application
that, in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such portion of the
settlement amount and expenses as the court deems proper.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.03</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Authorization of Indemnification</U>.
Any indemnification under this Article V (unless ordered by a court) shall be made by the Company only if authorized in the specific
case (i) by the Board acting by a quorum consisting of directors who are not parties to such action or proceeding upon a finding that
the director or officer has met the standard of conduct set forth in Section 5.01 or Section 5.02, as the case may be; or (ii) if a quorum
is not obtainable or, even if obtainable, a quorum of disinterested directors so directs, (x) by the Board upon the opinion in writing
of independent legal counsel that indemnification is proper in the circumstances because the applicable standard of conduct set forth
in Section 5.01 or Section 5.02, as the case may be, has been met by such director or officer; or (y) by the stockholders upon a finding
that the director or officer has met the applicable standard of conduct set forth in Section 5.01 or Section 5.02, as the case may be.
A person who has been successful on the merits or otherwise, in the defense of a civil or criminal action or proceeding of the character
described in Sections 5.01 or 5.02, shall be entitled to indemnification as authorized in such section.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.04.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Good Faith Defined</U>. For
purposes of any determination under Section 5.03, a person shall be deemed to have acted in good faith and in a manner such person reasonably
believed to be in or not opposed to the best interests of the Company, or to have had no reasonable cause to believe such person&rsquo;s
conduct was unlawful, if such person&rsquo;s action is based on the records or books of account of the Company or another enterprise,
or on information supplied to such person by the officers of the Company or another enterprise in the course of their duties, or on the
advice of legal counsel for the Company or another enterprise or on information or records given or reports made to the Company or another
enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company
or another enterprise. The provisions of this Section 5.04 shall not be deemed to be exclusive or to limit in any way the circumstances
in which a person may be deemed to have met the applicable standard of conduct set forth in Section 5.01 or Section 5.02, as the case
may be.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.05</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Serving an Employee Benefit
Plan on behalf of the Company</U>. For the purpose of this Article V, the Company shall be deemed to have requested a person to serve
an employee benefit plan where the performance by such person of his duties to the Company also imposes duties on, or otherwise involves
services by, such person to the plan or participants or beneficiaries of the plan; excise taxes assessed on a person with respect to
an employee benefit plan pursuant to applicable law shall be considered fines; and action taken or omitted by a person with respect to
an employee benefit plan in the performance of such person's duties for a purpose reasonably believed by such person to be in the interest
of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the
Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.06</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Indemnification upon Application
to a Court</U>. Notwithstanding the failure of the Company to provide indemnification and despite any contrary resolution of the Board
or stockholders under Section 5.03, or in the event that no determination has been made within ninety days after receipt of the Company
of a written claim therefor, upon application to a court by a director or officer, indemnification shall be awarded by a court to the
extent authorized in Section 5.01 or Section 5.02. Such application shall be upon notice to the Company. Neither a contrary determination
in the specific case under Section 5.03 nor the absence of any determination thereunder shall be a defense to such application or create
a presumption that the director or officer seeking indemnification has not met any applicable standard of conduct.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.07</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Expenses Payable in Advance</U>.
Subject to the other provisions of this Article V, and subject to applicable law, expenses incurred in defending a civil or criminal
action or proceeding may be paid by the Company in advance of the final disposition of such action or proceeding upon receipt of an undertaking
by or on behalf of such director or officer to repay such amount (i) if it shall ultimately be determined that such person is not entitled
to be indemnified by the Company as authorized in this Article V, (ii) where indemnification is granted, to the extent expenses so advanced
by the Company or allowed by a court exceed the indemnification to which such person is entitled and (iii) upon such other terms and
conditions, if any, as the Company deems appropriate. Any such advancement of expenses shall be made in the sole and absolute discretion
of the Company only as authorized in the specific case upon a determination made, with respect to a person who is a director or officer
at the time of such determination, (i) by the Board acting by a quorum consisting of directors who are not parties to such action or
proceeding, or (ii) if a quorum is not obtainable or, even if obtainable, if a quorum of disinterested directors so directs, (x) by the
Board upon the opinion in writing of independent legal counsel or (y) by the stockholders and, with respect to former directors and officers,
by any person or persons having the authority to act on the matter on behalf of the Company. Without limiting the foregoing, the Company
reserves the right in its sole and absolute discretion to revoke at any time any approval previously granted in respect of any such request
for the advancement of expenses or to, in its sole and absolute discretion, impose limits or conditions in respect of any such approval.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.08</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Nonexclusivity of Indemnification
and Advancement of Expenses</U>. The indemnification and advancement of expenses granted pursuant to, or provided by, this Article V
shall not be deemed exclusive of any other rights to which a director or officer seeking indemnification or advancement of expenses may
be entitled whether contained in the Company&rsquo;s Organization Certificate, these By-Laws or, when authorized by the Organization
Certificate or these By-Laws, (i) a resolution of stockholders, (ii) a resolution of directors, or (iii) an agreement providing for such
indemnification, provided that no indemnification may be made to or on behalf of any director or officer if a judgment or other final
adjudication adverse to the director or officer establishes that his acts were committed in bad faith or were the result of active and
deliberate dishonesty and were material to the cause of action so adjudicated, or that he personally gained in fact a financial profit
or other advantage to which he was not legally entitled. Nothing contained in this Article V shall affect any rights to indemnification
to which corporate personnel other than directors and officers may be entitled by contract or otherwise under law.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.09.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Insurance</U>. Subject to
the other provisions of this Article V, the Company may purchase and maintain insurance (in a single contract or supplement thereto,
but not in a retrospective rated contract): (i) to indemnify the Company for any obligation which it incurs as a result of the indemnification
of directors and officers under the provisions of this Article V, (ii) to indemnify directors and officers in instances in which they
may be indemnified by the Company under the provisions of this Article V and applicable law, and (iii) to indemnify directors and officers
in instances in which they may not otherwise be indemnified by the Company under the provisions of this Article V, provided the contract
of insurance covering such directors and officers provides, in a manner acceptable to the New York Superintendent of Financial Services,
for a retention amount and for co-insurance. Notwithstanding the foregoing, any such insurance shall be subject to the provisions of,
and the Company shall comply with the requirements set forth in, Section 7023 of the New York State Banking Law.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.10</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Limitations on Indemnification
and Insurance</U>. All indemnification and insurance provisions contained in this Article V are subject to any limitations and prohibitions
under applicable law, including but not limited to Section 7022 (with respect to indemnification, advancement or allowance) and Section
7023 (with respect to insurance) of the New York State Banking Law and the Federal Deposit Insurance Act (with respect to administrative
proceedings or civil actions initiated by any federal banking agency). Notwithstanding anything contained in this Article V to the contrary,
no indemnification, advancement or allowance shall be made (i) to or on behalf of any director or officer if a judgment or other final
adjudication adverse to the director or officer establishes that his acts were committed in bad faith or were the result of active and
deliberate dishonesty and were material to the cause of action so adjudicated, or that he personally gained in fact a financial profit
or other advantage to which he was not legally entitled, or (ii) in any circumstance where it appears (a) that the indemnification would
be inconsistent with a provision of the Company&rsquo;s Organization Certificate, these By-Laws, a resolution of the Board or of the
stockholders, an agreement or other proper corporate action, in effect at the time of the accrual of the alleged cause of action asserted
in the threatened or pending action or proceeding in which the expenses were incurred or other amounts were paid, which prohibits or
otherwise limits indemnification; or (b) if there has been a settlement approved by the court, that the indemnification would be inconsistent
with any condition with respect to indemnification expressly imposed by the court in approving the settlement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Notwithstanding
anything contained in this Article V to the contrary, but subject to any requirements of applicable law, (i) except for proceedings to
enforce rights to indemnification (which shall be governed by Section 5.06), the Company shall not be obligated to indemnify any director
or officer (or his testators intestate) or advance expenses in connection with a proceeding (or part thereof) initiated by such person
unless such proceeding (or part thereof) was authorized or consented to by the Board of Directors of the Company, (ii) with respect to
indemnification or advancement of expenses relating to attorneys&rsquo; fees under this Article V, counsel for the present or former
director or officer must be reasonably acceptable to the Company (and the Company may, in its sole and absolute discretion, establish
a panel of approved law firms for such purpose, out of which the present or former director or officer could be required to select an
approved law firm to represent him), (iii) indemnification in respect of amounts paid in settlement shall be subject to the prior consent
of the Company (not to be unreasonably withheld), (iv) any and all obligations of the Corporation under this Article V shall be subject
to applicable law, (v) in no event shall any payments pursuant to this Article V be made if duplicative of any indemnification or advancement
of expenses or other reimbursement available to the applicable director or officer (other than for coverage maintained by such person
in his individual capacity), and (vi) no indemnification or advancement of expenses shall be provided under these By-Laws to any person
in respect of any expenses, judgments, fines or amounts paid in settlement to the extent incurred by such person in his capacity or position
with another entity (including, without limitation, an entity that is a stockholder of the Company or any of the branches or affiliates
of such stockholder), except as expressly provided in these By-Laws in respect of such person&rsquo;s capacity and position as a director
or officer of the Company or such person is a director or officer of the Company serving at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.11</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Indemnification of Other Persons</U>.
The Company may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification and to the advancement
of expenses (whether pursuant to an adoption of a policy or otherwise) to employees and agents of the Company (whether similar to those
conferred in this Article V upon directors and officers of the Company or on other terms and conditions authorized from time to time
by the Board of Directors), as well as to employees of direct and indirect subsidiaries of the Company and to other persons (or categories
of persons) approved from time to time by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
5.12</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Repeal</U>. Any repeal or
modification of this Article V shall not adversely affect any rights to indemnification and to the advancement of expenses of a director,
officer, employee or agent of the Company existing at the time of such repeal or modification with respect to any acts or omissions occurring
prior to such repeal or modification.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
VI</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
CAPITAL STOCK</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
6.01</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Certificates</U>. The interest
of each stockholder of the Company shall be evidenced by certificates for shares of stock in such form as the Board of Directors may
from time to time prescribe. The certificates of stock shall be signed by the Chairman of the Board or the President or a Managing Director
or a Director or a Vice President and by the Secretary, or the Treasurer, or an Assistant Secretary, or an Assistant Treasurer, sealed
with the seal of the Company or a facsimile thereof, and countersigned and registered in such manner, if any, as the Board of Directors
may by resolution prescribe. Where any such certificate is countersigned by a transfer agent other than the Company or its employee,
or registered by a registrar other than the Company or its employee, the signature of any such officer may be a facsimile signature.
In case any officer or officers who shall have signed, or whose facsimile signature or signatures shall have been used on, any such certificate
or certificates shall cease to be such officer or officers of the Company, whether because of death, resignation, retirement, disqualification,
removal or otherwise, before such certificate or certificates shall have been delivered by the Company, such certificate or certificates
may nevertheless be adopted by the Company and be issued and delivered as though the person or persons who signed such certificate or
certificates or whose facsimile signature or signatures shall have been used thereon had not ceased to be such officer or officers of
the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
6.02.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Transfer</U>. The shares of
stock of the Company shall be transferred only upon the books of the Company by the holder thereof in person or by his attorney, upon
surrender for cancellation of certificates for the same number of shares, with an assignment and power of transfer endorsed thereon or
attached thereto, duly executed, with such proof of the authenticity of the signature as the Company or its agents may reasonably require.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
6.03</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Record Dates</U>. The Board
of Directors may fix in advance a date, not less than 10 nor more than 50 days preceding the date of any meeting of stockholders, or
the date for the payment of any dividend, or the date for the distribution or allotment of any rights, or the date when any change, conversion
or exchange of capital stock shall go into effect, as a record date for the determination of the stockholders entitled to notice of,
and to vote at, any such meeting, or entitled to receive payment of any such dividend, or to receive any distribution or allotment of
such rights, or to exercise the rights in respect of any such change, conversion or exchange of capital stock, and in such case only
such stockholders as shall be stockholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting,
or to receive payment of such dividend, or to receive such distribution or allotment or rights or to exercise such rights, as the case
may be, notwithstanding any transfer of any stock on the books of the Company after any such record date fixed as aforesaid.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
6.04</U>.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Lost Certificates</U>. In
the event that any certificate of stock is lost, stolen, destroyed or mutilated, the Board of Directors may authorize the issuance of
a new certificate of the same tenor and for the same number of shares in lieu thereof. The Board may in its discretion, before the issuance
of such new certificate, require the owner of the lost, stolen, destroyed or mutilated certificate or the legal representative of the
owner to make an affidavit or affirmation setting forth such facts as to the loss, destruction or mutilation as it deems necessary and
to give the Company a bond in such reasonable sum as it directs to indemnify the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
VII</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
CHECKS, NOTES, ETC.</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
7.01.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Checks, Notes, Etc</U>. All
checks and drafts on the Company's bank accounts and all bills of exchange and promissory notes, and all acceptances, obligations and
other instruments for the payment of money, may be signed by the President or any Managing Director or any Director or any Vice President
and may also be signed by such other officer or officers, agent or agents, as shall be thereunto authorized from time to time by the
Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
VIII</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
MISCELLANEOUS PROVISIONS</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
8.01.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Fiscal Year</U>. The fiscal
year of the Company shall be from January 1 to December 31, unless changed by the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section
8.02.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Books</U>. There shall be kept
at such office of the Company as the Board of Directors shall determine, within or without the State of New York, correct books and records
of account of all its business and transactions, minutes of the proceedings of its stockholders, Board of Directors and committees, and
the stock book, containing the names and addresses of the stockholders, the number of shares held by them, respectively, and the dates
when they respectively became the owners of record thereof, and in which the transfer of stock shall be registered, and such other books
and records as the Board of Directors may from time to time determine.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
8.03.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Voting of Stock</U>. Unless
otherwise specifically authorized by the Board of Directors, all stock owned by the Company, other than stock of the Company, shall be
voted, in person or by proxy, by the President or any Managing Director or any Director or any Vice President of the Company on behalf
of the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase"><U>Article
IX</U></FONT><U><FONT STYLE="font-size: 10pt"><BR>
<BR>
AMENDMENTS</FONT></U></P>

<P STYLE="font: small-caps 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><U>Section
9.01.</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Amendments</U>. The vote of
the holders of at least a majority of the shares of stock of the Company issued and outstanding and entitled to vote shall be necessary
at any meeting of stockholders to amend or repeal these By-Laws or to adopt new by-laws. These By-Laws may also be amended or repealed,
or new by-laws adopted, at any meeting of the Board of Directors by the vote of at least a majority of the entire Board, provided that
any by-law adopted by the Board may be amended or repealed by the stockholders in the manner set forth above.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Any
proposal to amend or repeal these By-Laws or to adopt new by-laws shall be stated in the notice of the meeting of the Board of Directors
or the stockholders or in the waiver of notice thereof, as the case may be, unless all of the directors or the holders of record of all
of the shares of stock of the Company issued and outstanding and entitled to vote are present at such meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 7</B></P>

<P STYLE="text-align: right; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DEUTSCHE BANK TRUST COMPANY AMERICAS<BR>
00623<BR>
New York, NY 10005</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Board of Governors of the Federal Reserve System</FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt">OMB Number 7100-0036</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Federal Deposit Insurance Corporation</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">OMB Number 3064-0052</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Office of the Comptroller of the Currency</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">OMB Number 1557-0081</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Approval expires June 30, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Page 1 of 87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Federal Financial Institutions
Examination Council</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 12pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 61px; width: 69px"></FONT></TD>
    <TD STYLE="width: 79%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 12pt"><B>Consolidated
    Reports of Condition and Income for <BR>
    a Bank with Domestic Offices Only&mdash;FFIEC 041</B></FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Report at the close of business September 30, 2021 </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;20210930</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(RCON 9999)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report is required by law: 12 U.S.C. &sect;
    324 (State member banks); 12 U.S.C. &sect;1817 (State nonmember banks); 12 U.S.C. &sect;161 (National banks); and 12 U.S.C. &sect;1464
    (Savings associations).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context indicates otherwise, the term
    &quot;bank&quot; in this report form refers to both banks and savings associations.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">This report form is to be filed by banks with domestic offices only and total consolidated assets of less than $100 billion, except those banks that file the FFIEC 051, and those banks that are advanced approaches institutions for regulatory capital purposes that are required to file the FFIEC 031.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE: Each bank&rsquo;s board of directors and
    senior management are responsible for establishing and maintaining an effective system of internal control, including controls over the
    Reports of Condition and Income. The Reports of Condition and Income are to be prepared in accordance with federal regulatory authority
    instructions. The Reports of Condition and Income must be signed by the Chief Financial Officer (CFO) of the reporting bank (or by the
    individual performing an equivalent function) and attested to by not less than two directors (trustees) for state nonmember banks and
    three directors for state member banks, national banks, and savings associations.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, the undersigned CFO (or equivalent) of the
    named bank, attest that the Reports of Condition and Income (including the supporting schedules) for this report date</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">have been prepared in conformance with the instructions
    issued by the appropriate Federal regulatory authority and are true and correct to the best of my knowledge and belief.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, the undersigned directors (trustees), attest
    to the correctness of the Reports of Condition and Income (including the supporting schedules) for this report date and declare that the
    Reports of Condition and Income have been examined by us and to the best of our knowledge and belief have been prepared in conformance
    with the instructions issued by the appropriate Federal regulatory authority and are true and correct.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Director (Trustee)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signature of Chief Financial Officer (or Equivalent)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Director (Trustee)<FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>10/29/2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Date of Signature</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Director (Trustee)<FONT STYLE="font-family: Times New Roman, Times, Serif">&lrm;</FONT></FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Submission of Reports</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="7" STYLE="width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each bank must file its Reports of Condition and
    Income (Call Report) data by either:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;Using
    computer software to prepare its Call Report and then submitting the report data directly to the FFIEC&rsquo;s Central Data Repository
    (CDR), an Internet-based system for data collection (https://cdr.ffiec.gov/cdr/), or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;Completing
    its Call Report in paper form and arranging with a software vendor or another party to convert the data into the electronic format that
    can be processed by the CDR. The software vendor or other party then must electronically submit the bank&rsquo;s data file to the CDR.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For technical assistance with submissions to the
    CDR, please contact the CDR Help Desk by telephone at (888) CDR-3111, by fax at (703) 774-3946, or by e-mail at cdr.help@cdr.ffiec.gov.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To fulfill the signature and attestation requirement
    for the Reports of Condition and Income for this report date, attach your bank&rsquo;s completed signature page (or a photocopy or a computer
    generated version of this page) to the hard-copy record of the data file submitted to the CDR that your bank must place in its files.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The appearance of your bank&rsquo;s hard-copy
    record of the submitted data file need not match exactly the appearance of the FFIEC&rsquo;s sample report forms, but should show at least
    the caption of each Call Report item and the reported amount.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>DEUTSCHE BANK TRUST COMPANY AMERICAS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Legal Title of Bank (RSSD 9017)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>New York</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">City (RSSD 9130)</FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">FDIC Certificate Number</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>623</B></FONT></TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 51%; padding-left: 130.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(RSSD 9050)</FONT></TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-size: 10pt">NY</FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 19%"><FONT STYLE="font-size: 10pt">10019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">State Abbreviation (RSSD 9200)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Zip Code (RSSD 9220)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 117pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Legal Entity Identifier (LEI)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>8EWQ2UQKS07AKK8ANH81</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">(Report only if your institution already has an LEI.) (RCON 9224)</FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">The estimated average
burden associated with this information collection is 55.53 hours per respondent and is expected to vary by institution, depending on
individual circumstances. Burden estimates include the time for reviewing instructions, gathering and maintaining data in the required
form, and completing the information collection, but exclude the time for compiling and maintaining business records in the normal course
of a respondent&rsquo;s activities. A Federal agency may not conduct or sponsor, and an organization (or a person) is not required to
respond to a collection of information, unless it displays a currently valid OMB control number. Comments concerning the accuracy of
this burden estimate and suggestions for reducing this burden should be directed to the Office of Information and Regulatory Affairs,
Office of Management and Budget, Washington, DC 20503, and to one of the following: Secretary, Board of Governors of the Federal Reserve
System, 20th and C Streets, NW, Washington, DC 20551; Legislative and Regulatory Analysis Division, Office of the Comptroller of the
Currency, Washington, DC 20219; Assistant Executive Secretary, Federal Deposit Insurance Corporation, Washington, DC 20429.</FONT></P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 7</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DEUTSCHE BANK TRUST COMPANY AMERICAS<BR>
00623<BR>
New York, NY 10005</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FFIEC 041<BR>
Page 17 of 87<BR>
RC-1</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Consolidated Report of Condition
for Insured Banks<BR>
and Savings Associations for September 30, 2021</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the quarter.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Schedule RC&mdash;Balance Sheet</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">Dollar Amounts in Thousands</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">RCON</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Amount</FONT></TD>
    <TD STYLE="padding-left: 4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">1.&#9;Cash and balances due from depository institutions (from Schedule RC-A):</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">a. Noninterest-bearing balances and currency and coin (1)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0081</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">33,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">1.a.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">b. Interest-bearing balances (2)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0071</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">23,252,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">1.b.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">2.&#9;Securities:</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">a. Held-to-maturity securities (from Schedule RC-B, column A) (3)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">JJ34</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">2.a.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">b. Available-for-sale debt securities (from Schedule RC-B, column D)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">1773</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">777,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">2.b.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">c. Equity securities with readily determinable fair values not held for trading (4)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">JA22</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">6,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">2.c.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">3.&#9;Federal funds sold and securities purchased under agreements to resell:</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">a. Federal funds sold&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">B987</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">3.a.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">b. Securities purchased under agreements to resell (5, 6)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">B989</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">5,916,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">3.b.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">4.&#9;Loans and lease financing receivables (from Schedule RC-C):</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">a. Loans and leases held for sale&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">5369 </FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">4a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; width: 59%; border-right: Black 1pt solid; padding-left: 22.3pt"><FONT STYLE="font-size: 10pt">b. Loans and leases held for investment&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">B528</FONT></TD>
    <TD STYLE="padding-right: 4pt; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">12,932,000</FONT></TD>
    <TD STYLE="padding-right: 4pt; width: 6%; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; width: 10%; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt; width: 6%"><FONT STYLE="font-size: 10pt">4.b.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.3pt"><FONT STYLE="font-size: 10pt">c. LESS: Allowance for loan and lease losses&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.5pt"><FONT STYLE="font-size: 10pt">3123</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.5pt; text-align: right"><FONT STYLE="font-size: 10pt">13,000</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">4.c.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">d. Loans and leases held for investment, net of allowance (item 4.b minus 4.c) (7)</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">B529</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">12,919,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">4.d.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">5.&#9;Trading assets (from Schedule RC-D&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3545</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">6.&#9;Premises and fixed assets (including capitalized leases&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2145</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">7.&#9;Other real estate owned (from Schedule RC-M&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2150</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">8.&#9;Investments in unconsolidated subsidiaries and associated companies&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2130</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">8.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">9.&#9;Direct and indirect investments in real estate ventures&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3656</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">9.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">10.&#9;Intangible assets (from Schedule RC-M)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2143</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">18,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">10.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">11.&#9;Other assets (from Schedule RC-F) (6)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2160</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">1,699,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">11.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">12.&#9;Total assets (sum of items 1 through 11)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2170</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">44,620,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">12.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">13.&#9;Deposits:</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">a. In domestic offices (sum of totals of columns A and C from Schedule RC-E)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2200 </FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">32,743,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">13.a.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">(1) Noninterest-bearing (8)&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">6631</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16,053,000</FONT></TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">13a.(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">(2) Interest-bearing&#9;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">6636</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">16,690,000</FONT></TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">13a.(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">b. Not applicable&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">14.&#9;Federal funds purchased and securities sold under agreements to repurchase:</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">a. Federal funds purchased (9)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">B993</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">14.a.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">b. Securities sold under agreements to repurchase (10)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">B995</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">14.b.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">15.&#9;Trading liabilities (from Schedule RC-D)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3548</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">15.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">16&#9;Other borrowed money (includes mortgage indebtedness) (from Schedule RC-M)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3190</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">424,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">16.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.5pt"><FONT STYLE="font-size: 10pt">17. and 18. Not applicable</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt">19&#9;Subordinated notes and debentures (11)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3200</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">19.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">__________</TD><TD></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">1.</TD><TD>Includes cash items in process of collection and unposted debits.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">2.</TD><TD>Includes time certificates of deposit not held for trading.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">3.</TD><TD>Institutions that have adopted ASU 2016-13 should report in item 2.a amounts net of any applicable allowance for credit losses, and
item 2.a should equal Schedule RC-B, item 8, column A, less Schedule RI-B, Part II, item 7, column B.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">4.</TD><TD>Item 2.c is to be completed by all institutions. See the instructions for this item and the Glossary entry for &quot;Securities Activities&quot;
for further detail on accounting for investments in equity securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">5.</TD><TD>Includes all securities resale agreements, regardless of maturity.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">6.</TD><TD>Institutions that have adopted ASU 2016-13 should report in items 3.b and 11 amounts net of any applicable allowance for credit losses.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">7.</TD><TD>Institutions that have adopted ASU 2016-13 should report in item 4.c the allowance for credit losses on loans and leases.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">8.</TD><TD>Includes noninterest-bearing demand, time, and savings deposits.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">9.</TD><TD>Report overnight Federal Home Loan Bank advances in Schedule RC, item 16, &quot;Other borrowed money.&quot;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">10.</TD><TD>Includes all securities repurchase agreements, regardless of maturity.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt">11.</TD><TD>Includes limited-life preferred stock and related surplus.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 7</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DEUTSCHE BANK TRUST COMPANY AMERICAS<BR>
00623<BR>
New York, NY 10005</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FFIEC 041<BR>
Page 18 of 87<BR>
RC-2</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Schedule RC&mdash;Continued</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; width: 69%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">Dollar Amounts in Thousands</FONT></TD>
    <TD STYLE="padding-right: 4pt; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">RCON</FONT></TD>
    <TD STYLE="padding-right: 4pt; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Amount</FONT></TD>
    <TD STYLE="padding-left: 4pt; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Liabilities&mdash;continued</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">20.&#9;Other liabilities (from Schedule RC-G)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2930</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2,123,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">20.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">21.&#9;Total liabilities (sum of items 13 through 20)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2948</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">35,290,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">21.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">22.&#9;Not applicable&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Equity Capital</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 17.7pt"><FONT STYLE="font-size: 10pt"><B>Bank Equity Capital</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; background-color: #7A797F; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #7A797F; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">23.&#9;Perpetual preferred stock and related surplus&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3838</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">23.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">24.&#9;Common stock&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3230</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">2,127,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">24.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">25.&#9;Surplus (exclude all surplus related to preferred stock)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3839</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">938,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">25.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">26.&#9;a. Retained earnings&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3632</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">&nbsp;6,270,000 </FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">26.a.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 17.7pt"><FONT STYLE="font-size: 10pt">b. Accumulated other comprehensive income (1)</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">B530</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">(5,000)</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">26.b.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 17.7pt"><FONT STYLE="font-size: 10pt">c. Other equity capital components (2)</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">A130</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">26.c.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">27.&#9;a. Total bank equity capital (sum of items 23 through 26.c)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3210</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">9,330,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">27.a.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">b. Noncontrolling (minority) interests in consolidated subsidiaries&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3000</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">27.b.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">28.&#9;Total equity capital (sum of items 27.a and 27.b)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">G105</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">9,330,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">28.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">29.&#9;Total liabilities and equity capital (sum of items 21 and 28)&#9;</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">3300</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">44,620,000</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">29.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt"><FONT STYLE="font-size: 10pt"><B>Memoranda</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt"><FONT STYLE="font-size: 10pt"><B>To be reported with the March Report of Condition.</B></FONT></TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 4pt; vertical-align: top; border-right: Black 1pt solid; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during 2020&#9; </FONT></TD>
    <TD STYLE="padding-right: 4pt; vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">RCON</FONT></TD>
    <TD STYLE="padding-right: 4pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">Number</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 10pt">6724</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-left: 4pt"><FONT STYLE="font-size: 10pt">NA</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-size: 10pt">M.1.</FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">1a =&#9;An integrated audit of the
    reporting institution&rsquo;s financial statements and its internal control over financial reporting conducted in accordance with the
    standards of the American Institute of Certified Public Accountants (AICPA) or Public Company Accounting Oversight Board (PCAOB) by an
    independent public accountant that submits a report on the institution</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">1b = An audit of the reporting institution's
    financial statements only conducted in accordance with the auditing standards of the AICPA or the PCAOB by an independent public accountant
    that submits a report on the institution</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">2a = An integrated audit of the reporting
    institution's parent holding company's consolidated financial statements and its internal control over financial reporting conducted in
    accordance with the standards of the AICPA or the PCAOB by an independent public accountant that submits a report on the consolidated
    holding company (but not on the institution separately)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">2b = An audit of the reporting institution's
    parent holding company's consolidated financial statements only conducted in accordance with the auditing standards of the AICPA or the
    PCAOB by an independent public accountant that submits a report on the consolidated holding company (but not on the institution separately)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">3 = This number is not to be used</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">4 = Directors&rsquo; examination of
    the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm (may be required by
    state-chartering authority)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">5 = Directors&rsquo; examination of
    the bank performed by other external auditors (may be required by state-chartering authority)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">6 = Review of the bank&rsquo;s financial
    statements by external auditors</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">7 = Compilation of the bank&rsquo;s
    financial statements by external auditors</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">8 = Other audit procedures (excluding
    tax preparation work)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt">9 = No external audit work</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-indent: -17.7pt"></P></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>To be reported with the March Report of Condition.</B></FONT></TD>
    <TD STYLE="padding-left: 4pt; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">RCON</FONT></TD>
    <TD STYLE="padding-right: 4pt; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">Number</FONT></TD>
    <TD STYLE="padding-left: 4pt; width: 7%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2.&#9;Bank's fiscal year-end date (report the date in MMDD format).&#9; </FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">8678</FONT></TD>
    <TD STYLE="padding-right: 4pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">NA</FONT></TD>
    <TD STYLE="padding-left: 4pt; vertical-align: top"><FONT STYLE="font-size: 10pt">M.2.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 13.5pt">_____________</TD><TD></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 13.5pt">1.</TD><TD>Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses)
on cash flow hedges, and accumulated defined benefit pension and other postretirement plan adjustments.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 13.5pt">2.</TD><TD>Includes treasury stock and unearned Employee Stock Ownership Plan shares.</TD></TR></TABLE>

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

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

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

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>dp168383_ex-filingfees.htm
<DESCRIPTION>EXHIBIT 107.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 107</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Calculation of
Filing Fee Table</B>&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Form S-3 </B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(Form Type)</FONT>&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>The AES Corporation
</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name of Registrant
as Specified in its Charter)</FONT>&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><U>Table 1: Newly
Registered and Carry Forward Securities</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; width: 7%; border: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-indent: -5.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Security
    Class Title</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fee
    Calculation or Carry Forward Rule</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-indent: 5.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Amount
    Registered</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Proposed
    Maximum Offering Price Per Unit</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maximum
    Aggregate Offering Price</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 4%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-indent: 1.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fee
    Rate</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Amount
    of Registration Fee</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; text-indent: -0.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carry
    Forward Form Type</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; text-indent: -0.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carry
    Forward File Number</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carry
    Forward Initial effective date</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Filing
    Fee Previously Paid In Connection with Unsold Securities to be Carried Forward</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Newly
    Registered Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="7" STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.75pt 0pt 4.75pt; text-align: center"><FONT STYLE="font-size: 10pt">Fees
    to Be</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.75pt 0pt 4.75pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.75pt 0pt 4.55pt; text-align: center"><FONT STYLE="font-size: 10pt">Paid</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.75pt 0pt 4.55pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    Stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule
    456(b) and Rule 457(r)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
    Stock, without par value</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule
    456(b) and Rule 457(r)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depositary
    Shares</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule
    456(b) and Rule 457(r)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Debt</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Debt
    Securities</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule
    456(b) and Rule 457(r)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Warrants</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule
    456(b) and Rule 457(r)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase
    Contracts</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule
    456(b) and Rule 457(r)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Units</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rule
    456(b) and Rule 457(r)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.75pt 0pt 4.55pt; text-align: center"><FONT STYLE="font-size: 10pt">Fees</FONT>&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.75pt 0pt 4.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Previously
    Paid</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.75pt 0pt 4.7pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carry
    Forward Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 2pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.85pt"><FONT STYLE="font-size: 10pt">Carry</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.85pt"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.05pt 0pt 6.8pt; text-indent: 3.1pt"><FONT STYLE="font-size: 10pt">Forward
    Securities</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.05pt 0pt 6.8pt; text-indent: 3.1pt"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Fees Previously Paid</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(1) The Registrant is relying on Rule
456(b) and Rule 457(r) under the Securities Act of 1933, as amended, to defer payment of all registration fees. In connection with the
securities offered hereby, the Registrant will pay &ldquo;pay-as-you-go registration fees&rdquo; in accordance with Rule 456(b). The
Registrant will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on
the fee payment rate in effect on the date of such fee payment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(2) An indeterminate amount of securities
to be offered at indeterminate prices is being registered pursuant to this registration statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!P@'!@H(" @+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!# 0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P  1"  ] $4# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#V:BBB@ JE
MJ6KV6DQ![N=49@QCCS\TA"EB%'?@&KM> 7=]=7WQ2O#=7$DWDS744>\Y"($<
M #T% 'HW@/QO=>,M9U1FA%O9V\<?D1=6Y+9+'UX%=S7CWP+_ ./O5_\ KG%_
M-J]AH **J76J:?8ND=W?6\#N0%624*23TX-6Z "BBB@!KLJ(SL0JJ,DGL*;#
M/#<1++!*DL;#*NC!@?Q%/(!!!&0>HKP"_P!#U[P[XEOXM U#YX9F98+:XQ(%
M/(S&<9X(Z T ?0%?/)_Y*AJ/_7U=_P#H,E;6G?&#Q#I<@MM9L([HJ<-O4PRX
M_E^E8?A^6/7_ (F),H:&/4+F=@#R4#J_ZC- QO@;QJ/!BW\@LC=2W2(J OM5
M=N>OYU?NO'OC?Q1NBL2\$1ZBS3: /=ST_,5Z-H_PI\,Z4H:2"2^F _UERV0#
MZA>GYYKR7QM8ZSI&NRZ;JEW-+"#N@8G"/'G@A1Q]10!2GTRWBF+ZQK,;2GET
MMR;F3\6SM!_&NS\,?%5=&>WTR6UN[G3D^422R>9<+Z8  &!Z?K6GX:^$.BWE
MA;ZA=ZM+?13('46X$:$'WY/\J]"TKPWHNAH%TW38+<_WU3+'_@1YH OVUQ'=
MVT5Q%DQRJ&7<I4X/J#R**EHH$%><_$/X<7GB34UU?2IX4N1$$>*0E=Y'0ANQ
MQQ7HU% 'SOJ-KXQ\/C9K&GR7-NO'^EQ"XCQ[-R1^8IOAK7?#VG>)+/5KC3[F
MS-NY8K;2>9&<@C[K<CKZFOHD@,"& (/4&O$?BQ<Z FJ+IFDZ9;K?JP:YN(5P
M0>R8'!/K0,]1TWQOX;U:"2:TU:$B*,R2*Y*LBCJ2#SQ7C^O^*U\<:S/9W0C@
MMF.W396&#"PZ;CZ/T/IQZ5AWP;1[/^QX?FO;C:;TH,D?W81].I]^.U=/K7PM
MN]+\$PZL&:2_C'F7< Y"H>P]U[_CZ4 6OA=XN?0=2?PUJQ,4$LI6,R''DR]"
MI] 3^OUKVFOF:?=KVFF\4[M0L4 N /O3Q#I)[LO0^V#ZU[KX U'4-4\&6%WJ
M7,S(0'[R*#@,?<@4 =)1110(**** .6\>^,(O">BEXRKW]R"EM&>Q[L?85XA
M9N^GV[>(+MS)>W#M]B#\EGS\TQ]EYQZM]*]^U;PAH.NW8NM4TY+F8)L#.S<#
MT'-5[GP#X6O'5[C1X7*(L:Y+?*H& !S0,X#X3>#?MLY\3:G&71'/V57&=[]Y
M#Z\]/?->P,JNI5@&4C!!'!IEO!#:V\=O;QK'%$H5$48"@=!4E CPOQEX1O/"
MOC&TN=%4K;W\P%L ,B-V.#&?4'/3T)':O;;*UBL;*&UAC2..% BH@P% '04^
96"&?9YT:R>6X=-PSM8="/>I* "BBB@#_V0$!

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