<SEC-DOCUMENT>0000950159-20-000188.txt : 20200812
<SEC-HEADER>0000950159-20-000188.hdr.sgml : 20200812
<ACCEPTANCE-DATETIME>20200812160051
ACCESSION NUMBER:		0000950159-20-000188
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20200812
DATE AS OF CHANGE:		20200812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bancorp, Inc.
		CENTRAL INDEX KEY:			0001295401
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				233016517
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-239529
		FILM NUMBER:		201095420

	BUSINESS ADDRESS:	
		STREET 1:		409 SILVERSIDE ROAD
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		302-385-5000

	MAIL ADDRESS:	
		STREET 1:		409 SILVERSIDE ROAD
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>bancorp424b5.htm
<DESCRIPTION>THE BANCORP, INC. FORM 424B5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed pursuant to Rule 424(b)(5)<BR>
Registration No. 333-239529</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #CC062A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">Prospectus Supplement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(To Prospectus Dated July 13, 2020)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-size: 12pt"><IMG SRC="tsgimage_001.jpg" ALT="A picture containing drawing&#10;&#10;Description automatically generated" STYLE="height: 102px; width: 307px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">$100,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;4.750% Senior Notes
due 2025</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">We are offering $100,000,000
principal amount of&nbsp;4.750% Senior Notes due 2025, or the Senior Notes. The Senior Notes will mature on&nbsp;August 15,
2025 and bear interest at 4.750% per annum, payable semi-annually in arrears on March 15&nbsp; and September
15&nbsp;of each year, commencing March 15, 2021. The Senior
Notes will be redeemable in whole or in part by us on or after the 30th&nbsp;day prior to the maturity date at 100% of the
principal amount of the Senior Notes (par), plus accrued and unpaid interest thereon to but excluding the date of redemption.
We will provide 10&nbsp;to 60 calendar days&rsquo; notice of the redemption to the registered holders of the Senior Notes.
There is no sinking fund for the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Senior Notes will
rank equally with all of our other existing and future senior unsecured indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>See &ldquo;Risk Factors&rdquo; on page&nbsp;S-3&nbsp;to
read about important factors you should consider before buying the Senior Notes. The Senior Notes are not deposits of a bank and
are not insured by the United States Federal Deposit Insurance Corporation or any other insurer or government agency.</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy
of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense. </B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Price to</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">Public(1)</P></TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Underwriting Discount</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Proceeds to Us Before</P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0">Expenses</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%">Per Senior Note</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1.5</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">98.5</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">98,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Plus accrued interest, if any, from the original issue date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Senior Notes
will not be listed on any securities exchange. Currently, there is no public trading market for the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The
underwriters expect to deliver the Senior Notes to purchasers in book-entry form through the facilities of The Depository
Trust Company and its direct participants, on or about August 13, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I>Joint Book Running Managers</I></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 50%; vertical-align: middle">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 30px; width: 200px"></TD>
    <TD STYLE="text-align: center; width: 50%; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 17px; width: 200px">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I>Co-Manager</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I><IMG SRC="image_003.jpg" ALT="" STYLE="height: 60px; width: 200px"></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">The date of this prospectus supplement
is August 10, 2020&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font-size: 8pt; text-align: left; width: 100%"><A HREF="#TableOfContents" TITLE="TABLE OF CONTENTS">Table of Contents</A></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B><A NAME="TableOfContents" TITLE="Table of Contents"></A>TABLE
OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 88%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Prospectus Supplement</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_001">About This Prospectus Supplement</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_001">S-i</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s002">Where You Can Find More Information</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><A HREF="#a_s002">S-i</A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s003">Incorporation of Documents by Reference</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><A HREF="#a_s003">S-ii</A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s004">Forward-Looking Information</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><A HREF="#a_s004">S-iii</A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s005">Summary</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s005">S-1</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s007">The Offering</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s007">S-2</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s008">Risk Factors</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s008">S-3</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s009">Use of Proceeds</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s009">S-6</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s010">Capitalization</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s010">S-7</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s011">Description of the Senior Notes</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s011">S-8</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s012">Material U.S. Federal Income Tax Considerations</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s012">S-18</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><A HREF="#a_s013">Certain ERISA Considerations</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><A HREF="#a_s013">S-22</A></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s014">Underwriting</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s014">S-24</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s015">Legal Matters</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s015">S-26</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_s016">Experts</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt"><A HREF="#a_s016">S-26</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 88%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Prospectus</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt; width: 95%"><FONT STYLE="font-size: 10pt"><A HREF="#a_002">About this Prospectus</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left; width: 5%"><A HREF="#a_002">1</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_003">Special Note Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_003">1</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_004">Where You Can Find More Information</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_004">1</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_018">Our Company</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_018">3</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_005">Risk Factors</A></FONT></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_005">4</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_006">Description of Securities</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_006">5</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_007">Description of Capital Stock</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_007">5</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_008">Description of Warrants</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_008">8</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_009">Description of Rights</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_009">9</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_010">Description of Units</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_010">10</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_011">Description of Debt Securities</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_011">11</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_012">Description of Depositary Shares</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_012">23</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_013">Description of Purchase Contracts</A></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_013">26</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><A HREF="#a_014">Use of Proceeds</A></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_014">27</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_015">Plan of Distribution</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_015">28</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_016">Experts</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_016">29</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_017">Legal Matters</A></FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_017">29</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="a_001"></A>ABOUT
THIS PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">This document
consists of two parts. The first part is this prospectus supplement, which describes the specific terms of this offering. The second
part is the accompanying prospectus, which is part of a registration statement that we filed with the SEC using a &ldquo;shelf&rdquo;
registration process. The accompanying prospectus describes more general information, some of which may not apply to this offering.
Generally, when we refer to the &ldquo;prospectus,&rdquo; we are referring to both the prospectus supplement and the accompanying
prospectus combined. You should read both this prospectus supplement and the accompanying prospectus, together with the additional
information described under the headings &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain
Documents by Reference.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">If the description
of the offering varies between this prospectus supplement and the accompanying prospectus, you should rely on the information in
this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Any statement
made in this prospectus supplement or in a document incorporated or deemed to be incorporated by reference in this prospectus supplement
will be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained
in this prospectus supplement or in any other subsequently filed document that is also incorporated or deemed to be incorporated
by reference in this prospectus supplement modifies or supersedes that statement. Any statement so modified or superseded will
not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement. See &ldquo;Incorporation
of Certain Documents by Reference.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">You should rely
only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus, together
with any free writing prospectus or other offering material used in connection with this offering. Neither we nor the underwriters
take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give
you. Neither we nor the underwriters have authorized any other person to provide you with different or inconsistent information.
If anyone provides you with different or inconsistent information, you should not rely on it. You should assume that the information
appearing in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference is accurate only
as of the respective dates of such documents or as of the dates specified for such information. Our business, financial condition,
results of operations and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Unless the context
otherwise requires, references to &ldquo;Bancorp,&rdquo; &ldquo;TBBK,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo;
and &ldquo;us&rdquo; and similar terms mean The Bancorp, Inc. and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Neither this
prospectus supplement nor the accompanying prospectus constitutes an offer, or an invitation on our behalf or on behalf of the
underwriters, to subscribe for and purchase any of the Senior Notes and may not be used for or in connection with an offer or solicitation
by anyone, in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful
to make such an offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B><A NAME="a_s002"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="margin-top: 10pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">This prospectus supplement
constitutes a part of a registration statement on Form S-3 filed by us with the SEC under the Securities Act of 1933, as amended
(&ldquo;Securities Act&rdquo;), with respect to the Senior Notes offered by this prospectus supplement. This prospectus supplement
does not contain all of the information included in the registration statement, certain parts of which are omitted in accordance
with the rules and regulations of the SEC. For further information with respect to us and the securities offered by this prospectus
supplement, reference is made to the registration statement. Statements contained or incorporated by reference in this prospectus
supplement concerning the provisions of certain documents are necessarily summaries of such documents, and each such statement
is qualified in its entirety by reference to the copy of the applicable document filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">You may read and copy
the registration statement and any document we file with the SEC at the SEC&rsquo;s Public Reference Room at 100&nbsp;F Street,
N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference
Room. You can also review our filings by accessing the website maintained by the SEC at http://www.sec.gov. The site contains reports,
proxy and information statements and other information regarding issuers that file electronically with the SEC.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We file annual, quarterly
and current reports, proxy statements and other information with the SEC. We also make available free of charge through our website
at <I>www.thebancorp.com</I>, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments
to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the
Exchange Act, as soon as reasonably practicable after they are filed electronically with the SEC. Unless specifically listed under
&ldquo;Incorporation of Documents by Reference&rdquo; below, the information contained on our website or the SEC website is not
intended to be incorporated by reference in this prospectus supplement and you should not consider that information a part of this
prospectus supplement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B><A NAME="a_s003"></A>INCORPORATION OF DOCUMENTS
BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; in this prospectus supplement the information in documents that we file with the SEC. This means that we can
disclose important information to you by referring you to those documents. The following documents that we have filed with the
SEC are incorporated by reference in, and considered a part of, this prospectus supplement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2019;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Quarterly Reports on Form 10-Q for the quarters ended March&nbsp;31, 2020 and June 30, 2020;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the portions of our definitive proxy statement on Schedule 14A, filed on March 24, 2020, that are incorporated by reference
in our Annual Report on Form&nbsp;10-K&nbsp;for the year ended December&nbsp;31, 2019;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our Current Reports on Form&nbsp;8-K&nbsp;filed on April 29, 2020, May 14, 2020, May 15, 2020 and August 5, 2020.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">We
are also incorporating by reference in this prospectus supplement all other documents (other than current reports furnished under
Item 2.02 or Item 7.01 of Form 8-K and exhibits filed on such form that are related to such items) that we file with the SEC pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this prospectus supplement and prior to the termination
or completion of any offering of Senior Notes under this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">We
will provide without charge, upon written or oral request, a copy of any or all of the documents that are incorporated by reference
in this prospectus supplement (other than exhibits to those documents unless they are specifically incorporated by reference in
those documents). Requests should be directed to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">409 Silverside Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Wilmington, DE 19809</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(302) 385-5000</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s004"></A>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">This prospectus
supplement, the accompanying prospectus and the documents incorporated by reference herein may make statements regarding our outlook
for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset quality levels, financial position
and other matters regarding or affecting our current or future business and operations. These statements can be considered as &ldquo;forward-looking
statements&rdquo; within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements
involve various assumptions, risks and uncertainties which can change over time. Actual results or future events may be different
from those anticipated in our forward-looking statements and may not align with historical performance and events. As forward-looking
statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance upon such statements.
Forward-looking statements are typically identified by words such as &ldquo;believe,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;outlook,&rdquo; &ldquo;estimate,&rdquo; &ldquo;forecast,&rdquo; &ldquo;will,&rdquo;
&ldquo;should,&rdquo; &ldquo;project,&rdquo; &ldquo;goal,&rdquo; and other similar words and expressions. We do not assume any
duty to update forward-looking statements, except as required by federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="background-color: white">The
novel coronavirus disease, or&nbsp;COVID-19,&nbsp;pandemic is adversely affecting us, our customers, counterparties, employees,
and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations,
liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions, including further increases
in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values
of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price
volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to&nbsp;COVID-19,&nbsp;could
affect us in substantial and unpredictable ways. </FONT>The following additional factors, among others, could cause actual results
to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">an inconsistent recovery from an extended period of weak economic and slow growth conditions in
the U.S. economy have had, and may in the future have, significant adverse effects on our assets and operating results, including
increases in payment defaults and other credit risks, decreases in the fair value of some assets and increases in our provision
for loan losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">weak economic and credit market conditions may result in a reduction in our capital base, reducing
our ability to maintain deposits at current levels;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">operating costs may increase;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">adverse governmental or regulatory policies may be promulgated;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">management and other key personnel may be lost;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">competition may increase;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">the costs of our interest bearing liabilities, principally deposits, may increase relative to the
interest received on our interest bearing assets, principally loans, thereby decreasing our net interest income;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">loan and investment yields may decrease resulting in a lower net interest margin;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">possible geographic concentration could result in our loan portfolio being adversely affected by
economic factors unique to the geographic area and not reflected in other regions of the country;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">the market value of real estate that secures certain of&nbsp;&nbsp;our loans, principally loans
we originate for sale into secondary markets, Small Business Administration loans under the 504 Fixed Asset Financing Program and
our discontinued commercial loan portfolio,&nbsp;&nbsp;has been, and may continue to be, adversely affected by recent economic
and market conditions, and may be affected by other conditions outside of our control such as lack of demand for real estate of
the type securing our loans, natural disasters, changes in neighborhood values, competitive overbuilding, weather, casualty losses,
occupancy rates and other similar factors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">we must satisfy our regulators with respect to Bank Secrecy Act, anti-money laundering and other
regulatory mandates to prevent additional restrictions on adding customers and to remove current restrictions on adding certain
customers;</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">the impact on our financial condition, results of operations, financial disclosures and future
business strategies related to the upcoming implementation of the new FASB Accounting Standards Update&nbsp;2016-13&nbsp;Financial
Instruments&mdash;Credit Losses commonly referred to as the &ldquo;current expected credit loss&rdquo; standard, or CECL;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">the loans from our discontinued operations are now held-for-sale and were marked to fair value
based on various internal and external inputs; however, the actual sales price could differ from those third-party fair values.&nbsp;The
reinvestment rate for the proceeds of those sales in investment securities depends on future market interest rates; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">we may not be able to sustain our historical growth rate in our loan, prepaid and debit card and
other lines of business.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">The factors identified
in this section are not exclusive and are not intended to represent a complete list of all the factors that could adversely affect
our business, operating results, financial condition or cash flows. Other factors not presently known to us or that we currently
deem immaterial to us may also have an adverse effect on our business, operating results, financial condition or cash flows, and
the factors we have identified could affect us to a greater extent than we currently anticipate. Many of the important factors
that will determine our future financial performance and financial condition are beyond our ability to control or predict. You
are cautioned not to put undue reliance on any forward-looking statements, which speak only as of the date they are made. See &ldquo;Risk
Factors&rdquo; below, in our Annual Report on Form&nbsp;10-K&nbsp;(including MD&amp;A section) for the year ended December&nbsp;31,
2019, and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, which are hereby incorporated
by reference into this prospectus supplement, for a more complete discussion of these risks and uncertainties and for other risks
and uncertainties. Except as required by applicable law or the rules and regulations of the SEC, we undertake no obligation to
publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any
further disclosures made on related subjects in our subsequent filings and reports with the SEC should be consulted. This discussion
is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are
expressly qualified in their entirety by the cautionary statements contained or referenced in this section.</P>

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

<DIV STYLE="padding: 3pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s005"></A>SUMMARY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.05pt; text-align: justify; text-indent: 24.5pt"><I>The following
summary highlights selected information contained elsewhere in this prospectus supplement, the accompanying prospectus and the
documents incorporated by reference and does not contain all the information you should consider in making your investment decision.
You should carefully read this entire prospectus supplement, the accompanying prospectus, any free writing prospectus or other
offering material and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus before
making an investment decision. See &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Documents
by Reference.&rdquo; You should give particular consideration to the &ldquo;Risk Factors&rdquo; sections of this prospectus supplement,
our Annual Report on Form&nbsp;10-K&nbsp;for the year ended December&nbsp;31, 2019, and our Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2020 and June 30, 2020, to determine whether an investment in the Senior Notes is appropriate for
you. In addition, certain statements in this &ldquo;Summary&rdquo; section include forward-looking information that involves risks
and uncertainties. See &ldquo;Forward-Looking Information.&rdquo; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B><A NAME="a_s006"></A>Our Company </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 0.15pt; text-align: justify; text-indent: 35.85pt">We are
a Delaware financial holding company and our primary subsidiary is The Bancorp Bank, which we wholly own and which we refer to
as the Bank.&nbsp;&nbsp;The vast majority of our revenue and income is generated through the Bank.&nbsp;&nbsp;In our continuing
operations, we have four primary lines of specialty lending: securities-backed lines of credit (SBLOC) and&nbsp;insurance policy
cash value-backed lines of credit (IBLOC), leasing (direct lease financing), small business loans (SBL) and loans generated for
sale into capital markets through commercial loan securitizations and other sales (CMBS).&nbsp;&nbsp;SBL are comprised primarily
of Small Business Administration (SBA) loans. SBLOCs and IBLOCs are loans which are generated through institutional banking affinity
groups and are respectively collateralized by marketable securities and the cash value of insurance policies. SBLOCs are typically
offered in conjunction with brokerage accounts and are offered nationally.&nbsp;&nbsp;Vehicle fleet and other equipment leases
are generated in a number of Atlantic Coast and other states.&nbsp;&nbsp;SBL loans and commercial loans generated for sale are
made nationally.&nbsp;&nbsp;At&nbsp;June 30, 2020, SBLOC and IBLOC, leasing (direct lease financing), SBL and loans for sale in
secondary markets&nbsp;respectively&nbsp;totaled $1.29 billion, $422.5 million, $809.3&nbsp;million (including SBL loans held-for-sale)
and $1.58 billion (excluding&nbsp;SBL loans held-for-sale), respectively, and comprised&nbsp;approximately 31%, 10%, 20% and 38%
of our loan&nbsp;portfolio and commercial loans held-for-sale.&nbsp;&nbsp;Our investment portfolio amounted&nbsp;to $1.32 billion
at June 30, 2020.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 0.2pt; text-align: justify; text-indent: 24.4pt">The majority
of our deposits and non-interest income are generated in our payments business line which consists of consumer deposit accounts
accessed by prepaid or debit cards, or issuing, automated clearing house, or ACH accounts and the collection of payments through
credit card companies on behalf of merchants.&nbsp;&nbsp;The issuing deposit accounts are comprised of debit and prepaid card accounts
that are generated with the assistance of independent companies that market directly to end users.&nbsp;&nbsp;Our issuing deposit
account types are diverse and include: consumer and business debit, general purpose reloadable prepaid, pre-tax medical spending
benefit, payroll, gift, government, corporate incentive, reward, business payment accounts and others.&nbsp;&nbsp;Our ACH accounts
facilitate&nbsp;&nbsp;bill payments and our acquiring accounts provide clearing and settlement services for payments made to merchants
which must be settled through associations such as Visa or MasterCard.&nbsp;&nbsp;We also provide banking services to organizations
with a pre-existing customer base tailored to support or complement the services provided by these organizations to their customers.&nbsp;&nbsp;These
services include loan and deposit accounts for investment advisory companies through our institutional banking department.&nbsp;&nbsp;We
typically provide these services under the name and through the facilities of each organization with whom we develop a relationship.&nbsp;&nbsp;We
refer to this, generally, as affinity banking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 5pt 0.05pt; text-align: justify; text-indent: 24.5pt">Our principal
executive offices are located at 409 Silverside Road, Wilmington, Delaware 19809 and our telephone number is (302) 385-5000.&nbsp;&nbsp;Our
web address is <I>www.thebancorp.com</I>.&nbsp;&nbsp; The information on our website is not a part of, and is not incorporated
into, this prospectus supplement or the accompanying prospectus.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 5pt 0.05pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<DIV STYLE="padding: 3pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s007"></A>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.05pt; text-align: justify; text-indent: 24.5pt"><I>The following
description contains basic information about the Senior Notes and this offering. This description is not complete and does not
contain all of the information that you should consider before investing in the Senior Notes. For a more complete understanding
of the Senior Notes, you should read the section of this prospectus supplement entitled &ldquo;Description of the Senior Notes&rdquo;
and the section in the accompanying prospectus entitled &ldquo;Description of Debt Securities.&rdquo; To the extent the following
information is inconsistent with the information in the accompanying prospectus, you should rely on the following information and
the information in &ldquo;Description of the Senior Notes.&rdquo; </I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 45%"><FONT STYLE="font-size: 10pt"><B>Issuer </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 55%"><FONT STYLE="font-size: 10pt">The Bancorp, Inc.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Securities Offered</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">4.750<FONT STYLE="font-size: 10pt">% Senior Notes due 2025</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Aggregate Principal Amount</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">$</FONT>100,000,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Maturity Date </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">August
    15,
    2025</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Interest Rate </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">4.750% annually.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">Each March
    15&nbsp;and September 15,
    commencing March 15, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Record Dates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">Each March 1 and September 1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Form</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">Fully-registered global notes in book-entry form</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Denominations</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Further Issuance</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Senior Notes will be limited initially to $100,000,000&nbsp;in aggregate principal amount. The Company may, however, &ldquo;reopen&rdquo; the Senior Notes and issue an unlimited principal amount of additional Senior Notes in the future without the consent of the holders.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We estimate that the net proceeds from the sale of the Senior Notes offered hereby, after deducting the underwriting discounts and certain offering expenses, will be approximately $98.3 million. We intend to use the net proceeds from the sale of the Senior Notes for general corporate purposes, which may include capital to support the growth of The Bancorp Bank.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Optional Redemption</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Senior Notes will be redeemable in whole or in part by us on or after the 30th&nbsp;day prior to the maturity date at 100% of the principal amount of the Senior Notes (par), plus accrued and unpaid interest thereon to but excluding the date of redemption. We will provide 10 to 60 calendar days&rsquo; notice of redemption to the registered holders of the Senior Notes.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Investing in the Senior Notes involves certain risks. See page&nbsp;S-3.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Ranking</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Senior Notes are our direct, unsecured and unsubordinated obligations and rank equal in priority with all of our existing and future unsecured and unsubordinated indebtedness and senior in right of payment to all of our existing and future subordinated indebtedness.</FONT></TD>

</TR>
</TABLE>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.05pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s008"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><I>Investing in the Senior
Notes involves various risks. You should carefully consider the risks and uncertainties described below and in our Annual Report
on Form&nbsp;10-K&nbsp;for the fiscal year ended December&nbsp;31, 2019, our Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2020 and June 30, 2020, and the other information included and incorporated by reference in this prospectus supplement
and the accompanying prospectus before deciding whether to purchase the Senior Notes. Our future business, results of operations,
financial condition, capital levels, liquidity and cash flows could be materially and adversely affected by any of these risks.
These risks are not the only risks that we face. Our business operations could also be affected by additional factors that are
not presently known to us or that we currently consider to be immaterial to our operations. See also the discussion under the heading
&ldquo;Forward-Looking Information.&rdquo; For purposes of this section, references to &ldquo;Bancorp,&rdquo; the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo; include only The Bancorp, Inc. and not any of its subsidiaries. The Indenture
referred to below is described in &ldquo;Description of the Senior Notes.&rdquo; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Senior Notes will be our obligations
and not obligations of our subsidiaries and will be structurally subordinated to the debt of our subsidiaries, which will not guarantee
the Senior Notes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are a holding company
and depend on our subsidiary bank for funds to pay principal and interest on the Senior Notes. The Senior Notes are not guaranteed
by our subsidiary and will be structurally subordinated to all existing and future liabilities of our subsidiary, or any future
subsidiaries, owed to third parties, including the bank deposits of our subsidiary bank. Therefore, our rights and the rights of
our creditors, including holders of the Senior Notes, to participate in the assets of our subsidiaries in the event a subsidiary
is liquidated or reorganized are subject to the prior claims of such subsidiary&rsquo;s other creditors. As a result, all indebtedness
and other liabilities of our subsidiaries owed to third parties, whether secured or unsecured, must be satisfied before any of
the assets of such subsidiaries would be available for distribution, upon a liquidation, insolvency, bankruptcy, receivership or
similar event affecting our subsidiaries, to us in order for us to meet our obligations with respect to the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">As of June 30, 2020, our
subsidiary&rsquo;s total borrowings (including deposits) were approximately $5.68&nbsp;billion. Our subsidiary will incur additional
deposits, indebtedness and liabilities without restriction under the Indenture governing the Senior Notes, all of which will be
structurally senior to the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>We are a legal entity separate and distinct
from our banking subsidiary, and will rely on such subsidiary to provide funds to pay the Senior Notes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our principal source of
cash, including cash to pay dividends to our shareholders and to pay principal and interest on our indebtedness, is dividends from
our banking subsidiary, The Bancorp Bank. There are various statutory, regulatory and other limitations on the extent to which
the Bank can supply funds to us by dividend or otherwise. Although we maintain cash positions for liquidity at the holding company
level, if the Bank was unable to pay dividends to us, over time, we could be unable to pay principal and interest to holders of
the Senior Notes. Contractual or other restrictions may also limit our subsidiary&rsquo;s ability to pay dividends or make distributions,
loans or advances to us. For these reasons, we may not have access to any assets or cash flow of our subsidiary to make payments
on the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Because we are a holding
company, our rights and the rights of our creditors, including the holders of the Senior Notes, to participate in the assets of
our subsidiary, or any future subsidiaries, during their liquidation or reorganization will be subject to the prior claims of the
subsidiary&rsquo;s creditors unless we are ourselves a creditor with recognized claims against the subsidiary. Any capital loans
that we make to our banking subsidiary would be subordinate in right of payment to deposits and to other indebtedness of the banking
subsidiary. Claims from creditors (other than us) against the subsidiary may include long-term and medium-term debt and substantial
obligations related to deposit liabilities, federal funds purchased, securities sold under repurchase agreements, and other short-term
borrowings. The Senior Notes are not obligations of, nor guaranteed by, our subsidiary and our subsidiary has no obligation to
pay any amounts due on the Senior Notes. The Indenture relating to the Senior Notes does not limit the ability of our subsidiary
to issue or incur additional debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">At June 30, 2020, the
Bank could legally pay up to $25.8&nbsp;million in dividends to us without prior approval by its regulators. See &ldquo;Business
&ndash; Regulation Under Banking Law &ndash; Federal Regulation &ndash; Regulatory Restrictions on</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Dividends&rdquo; and &ldquo;Risk
Factors &ndash; The Bank&rsquo;s ability to pay dividends is subject to regulatory limitations which, to the extent we require
such dividends in the future, may affect our ability to pay our obligations and pay dividends&rdquo; in our Annual Report on Form&nbsp;10-K&nbsp;for
the year ended December&nbsp;31, 2019 for a discussion of regulatory and other restrictions on dividend declarations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Indenture governing the Senior Notes
has limited covenants, which may not protect your investment.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Neither we nor any of our
subsidiaries is restricted from incurring additional debt or other liabilities, including additional senior debt, under the Indenture
pursuant to which we will issue the Senior Notes. If we incur additional debt or liabilities, our ability to pay our obligations
on the Senior Notes could be adversely affected. We expect to incur, from time to time, additional debt and other liabilities.
In addition, we are not restricted under the Indenture from granting security interests over our assets, except to the extent described
under &ldquo;Description of the Senior Notes&mdash;Consolidation, Merger, Conveyance or Transfer of Assets&rdquo; and &ldquo;&mdash;Certain
Covenants&rdquo; in this prospectus supplement, or from paying dividends or issuing or repurchasing our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">In addition, there are
no financial covenants in the Indenture. You are not protected under the Indenture in the event of a highly leveraged transaction,
reorganization, a default under our existing indebtedness, restructuring, merger or similar transaction that may adversely affect
you, except to the extent described under &ldquo;Description of the Senior Notes&mdash;Consolidation, Merger, Conveyance or Transfer
of Assets&rdquo; and &ldquo;&mdash;Certain Covenants&rdquo; included in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>If an active and liquid trading market for
the Senior Notes does not develop or does not continue, the market price of the Senior Notes may decline and you may be unable
to sell your Senior Notes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">The Senior Notes are a
new issue of securities for which there is currently no public market. We do not intend to list the Senior Notes on any national
securities exchange or include the Senior Notes in any automated quotation system. An active trading market may not develop or
be maintained for the Senior Notes. Although the underwriters have indicated that they intend to make a secondary market in the
Senior Notes, they are not obligated to do so and may, in their sole discretion without notice, discontinue market making activities
at any time, which could negatively impact your ability to sell the Senior Notes or the prevailing market price at the time you
choose to sell. Even if a trading market for the Senior Notes develops, the market may be limited and illiquid. The liquidity of
a trading market in the Senior Notes, if any, and the future trading prices of the Senior Notes will depend on many factors, including
the prevailing interest rates, the market for similar securities, general economic conditions and our financial condition, liquidity,
creditworthiness, performance and prospects, including whether we have missed any interest payments or are restricted from paying
interest on the Senior Notes by our regulators. If an active trading market does not develop or does not continue, you may be unable
to resell your Senior Notes or may only be able to sell them at a substantial discount from your purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General market conditions and unpredictable
factors could adversely affect market prices for the Senior Notes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you purchase Senior
Notes, the Senior Notes may subsequently trade at a discount to the price that you paid for them. Several factors, many of which
are beyond our control, may influence the market price of the Senior Notes, including, but not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the aggregate amount of Senior Notes outstanding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the level of liquidity of the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the time remaining to maturity of the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">whether interest payments have been made and are likely to be made on the Senior Notes from time
to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">our creditworthiness, financial condition, liquidity, performance and prospects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">changes in United States interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">whether the ratings on the Senior Notes provided by any ratings agency have changed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the market for similar securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the prevailing interest rates being paid by other companies similar to us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the level, direction and volatility of market interest rates generally, and inflation and inflation
expectations generally; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the overall condition of the financial markets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">As these factors are interrelated
in complex ways, the effect of any one factor may be offset, in whole or in part, or magnified by the effect of another factor.
For example, an improvement in our credit rating could be offset by increases in interest rates. The condition of the financial
markets and prevailing interest rates have fluctuated significantly in the past and are likely to fluctuate in the future. Such
fluctuations could have an adverse effect on the market price of the Senior Notes.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Our credit rating may not reflect all risks
of an investment in the Senior Notes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">Any credit rating assigned
to the Senior Notes will be limited in scope and does not address or reflect all material risks relating to an investment in the
Senior Notes, but rather reflects only the view of the rating agency at the time it issues the rating. In addition, credit rating
agencies continually review their ratings for the companies that they follow, including us. Credit rating agencies also evaluate
the financial services industry as a whole and may change their credit rating for us and our securities, including the Senior Notes,
based on their overall view of our industry. Accordingly, there can be no assurance that a credit rating will remain in effect
for any given period of time or that a rating will not be put on watch with negative implications, lowered, suspended or withdrawn
entirely by the applicable rating agency if, in such rating agency&rsquo;s judgment, circumstances so warrant. Credit ratings are
not a recommendation to buy, sell or hold any securities, including the Senior Notes, and may be revised or withdrawn at any time
by the credit rating organization in its sole discretion. A downgrade, withdrawal or the announcement of a possible downgrade or
withdrawal in a rating assigned to, or a &ldquo;watch&rdquo; or similar action with respect to, the Senior Notes, us or our other
securities, or any perceived decrease in our creditworthiness could cause the trading price of our securities to decline significantly,
impact access to capital markets and/or increase the cost of debt, thereby adversely affecting liquidity and financial conditions.
Conversely, because your return on the Senior Notes depends upon factors in addition to our ability to pay our obligations, an
improvement in our credit rating will not necessarily reduce the other investment risks related to the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Senior Notes are not deposits and will
not be insured or guaranteed by the FDIC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Senior Notes will not
be bank deposits and will not be insured or guaranteed by the FDIC or any other governmental agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s009"></A>USE OF PROCEEDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">We estimate that
the net proceeds from the sale of the Senior Notes offered hereby, after deducting the underwriting discounts and certain offering
expenses, will be approximately $98.3 million. We intend to use the net proceeds from the sale of the Senior Notes for general
corporate purposes, which may include capital to support the growth of The Bancorp Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s010"></A>CAPITALIZATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">The following table
sets forth our cash and cash equivalents and capitalization as of June 30, 2020:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">on an actual basis; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">on an as adjusted basis to reflect the issuance and sale of the Senior Notes, after deducting the
underwriting discounts and certain estimated offering expenses payable by us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">The following information
should be read in conjunction with our consolidated financial statements and related notes incorporated by reference in this prospectus
supplement and the accompanying prospectus. For more details on how you can obtain our SEC reports and other information, you should
read the section of this prospectus supplement entitled &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center">As of June 30, 2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">(dollars in thousands)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">As adjusted</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 0">Cash and cash equivalents</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">480,721</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">579,021</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Securities sold under agreements to repurchase</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Subordinated debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Long-term borrowings (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,639</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,639</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Notes offered hereby</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0"><B>Total borrowed funds</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,082</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0"><B>Shareholders' equity</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; text-align: left; padding-left: 10pt">Common stock - authorized, 75,000,000 shares of $1.00 par
    value; 57,555,308 and 56,940,521 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,555</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Treasury stock, at cost (100,000 shares)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(866</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(866</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374,578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374,578</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,784</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,784</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0"><B>Total shareholders' equity</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">533,079</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">533,079</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0"><B>Total capitalization</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">587,161</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">687,161</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"></P>

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



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<TR STYLE="vertical-align: top">
<TD >&nbsp;</TD><TD >(1)</TD><TD >Long term borrowings at June 30, 2020 consisted of sold loans which were accounted for as a secured
borrowing because they did not qualify for true sale accounting.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_s011"></A>DESCRIPTION OF THE
SENIOR NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Senior
Notes offered by this prospectus supplement will be issued by Bancorp under an indenture to be dated as of August 13, 2020
(the &ldquo;Base Indenture&rdquo;), as supplemented by a first supplemental indenture to be dated as of August 13,
2020, between us and Wilmington Trust, National Association, as trustee (the &ldquo;Trustee&rdquo;). We refer to the Base
Indenture, together with the first supplemental indenture, as the &ldquo;Indenture.&rdquo; The following description of the
Senior Notes and the Indenture may not be complete and is subject to and qualified in its entirety by reference to all of the
provisions of the Senior Notes and the Indenture. Wherever we refer to particular sections or defined terms of the Indenture,
it is our intent that those sections or defined terms will be incorporated by reference in this prospectus supplement. We
urge you to read these documents because they, and not this description, define your rights as a holder of the Senior Notes.
For purposes of this section, references to &ldquo;Bancorp,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us&rdquo; or &ldquo;our&rdquo; include only The Bancorp, Inc. and not any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">The
Senior Notes issued in this offering initially will be limited to $100,000,000&nbsp; principal amount. The Senior Notes will
mature on August 15, 2025.&nbsp;The Senior Notes will not be subject to repayment at the option of the holder at any time
prior to maturity and will not be entitled to any sinking fund. The Senior Notes are not convertible into, or exchangeable
for, equity securities of Bancorp. The Senior Notes will be issued in fully registered book-entry form without coupons and in
minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. We do not intend to apply for the listing
of the Senior Notes on any securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Senior Notes
will be unsecured and unsubordinated and will rank equally in priority among themselves and with all of our other existing and
future unsecured and unsubordinated indebtedness, and senior in right of payment to all of our existing and future subordinated
indebtedness. As of June 30, 2020, the Company did not have any outstanding senior unsecured indebtedness. Bancorp may from time
to time, without notice or consent of the holders of the Senior Notes, incur additional secured or unsecured senior indebtedness
ranking equally with the Senior Notes, as well as additional subordinated indebtedness ranking junior to the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Senior Notes
will be our exclusive obligation and not the obligations of our subsidiaries. Our subsidiaries are separate and distinct legal
entities. The Senior Notes will not be guaranteed by any of our subsidiaries. Our subsidiaries may, without notice or consent of
the holders of the Senior Notes, incur additional debt or liabilities in the future, all of which would rank structurally senior
to the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Senior Notes
will be subject to defeasance under the conditions described below in &ldquo;&mdash;Discharge, Defeasance and Covenant Defeasance.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Senior Notes
are not savings accounts, deposits or other obligations of any of our bank&nbsp;or&nbsp;non-bank&nbsp;subsidiaries&nbsp;and are
not insured by the Federal Deposit Insurance Corporation, the Federal Reserve or any other governmental agency or instrumentality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">We may, without
the consent of the holders of the Senior Notes, increase the aggregate principal amount of the Senior Notes by issuing additional
Senior Notes in the future with the same terms and conditions, except for any differences in the issue date, the issue price and
the initial interest payment date, and with the same CUSIP number as the Senior Notes offered by this prospectus supplement;<I>&nbsp;provided</I>&nbsp;that
if any additional Senior Notes are not fungible with the Senior Notes offered by this prospectus supplement for U.S. federal income
tax purposes, such additional Senior Notes will be issued under a separate CUSIP number. The Senior Notes offered by this prospectus
supplement and any additional Senior Notes would rank equally and ratably and would be treated as a single series for all purposes
under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">The Indenture contains
no financial covenants and, subject to certain limited exceptions, does not restrict us from paying dividends, selling assets,
making investments or issuing or repurchasing or redeeming other securities, and does not contain any provision that would provide
protection to the holders of the Senior Notes against a sudden and dramatic decline in credit quality resulting from a merger,
takeover, recapitalization or similar restructuring or any other event involving us or our subsidiaries that may adversely affect
our credit quality, except to the extent described under &ldquo;Description of the Senior Notes&mdash; Consolidation, Merger, Conveyance
or Transfer of Assets&rdquo; and &ldquo;&mdash;Certain Covenants&rdquo; included in this prospectus supplement. No recourse will
be available for the payment of principal of, or interest on, any Senior Note, for any claim based thereon, or otherwise in respect
thereof, against any shareholder, employee, officer or director, as such past, present or future, of Bancorp or any successor entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Payments of
principal and interest to owners of the book-entry interests described below are expected to be made in accordance with the procedures
of The Depository Trust Company (&ldquo;DTC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">The
Senior Notes will bear interest at the rate of 4.750% per annum. Interest on the Senior Notes will accrue from and including
August 13, 2020 and will be payable semi-annually in arrears on March 15 and September 15 of each year (each an
&ldquo;interest payment date&rdquo;), commencing on March 15, 2021. Interest will be computed on the basis of
a&nbsp;360-day&nbsp;year consisting of twelve&nbsp;30-day&nbsp;months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Interest
on the Senior Notes will accrue from and including August 13, 2020 to, but excluding, the first interest payment date and
then from, and including, the immediately preceding interest payment date to which interest has been paid or duly provided
for to, but excluding, the next interest payment date or the maturity date, as the case may be. Each of these periods is
referred to as an &ldquo;interest period&rdquo; for the Senior Notes. If an interest payment date or the maturity date for
the Senior Notes falls on a day that is not a business day, Bancorp will postpone the interest payment or the payment of
principal and interest at maturity to the next succeeding business day, but the payments made on such dates will be treated
as being made on the date that the payment was first due and the holders of the Senior Notes will not be entitled to any
further interest or other payments with respect to such postponements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">When we use
the term &ldquo;business day&rdquo;, we mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions or trust companies in a place of payment for the Senior Notes, or the city in which the corporate trust office of
the Trustee is located, are authorized or obligated by law or executive order to close.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT>
The interest payable on the Senior Notes on any interest payment date, subject to certain exceptions, will be paid to the person
in whose name the Senior Notes are registered at the close of business on March 1 and September 1, whether or not a business day,
immediately preceding the interest payment date. However, interest that Bancorp pays on the maturity date will be paid to the person
to whom the principal will be payable. Interest will be payable by wire transfer in immediately available funds in U.S. dollars
to DTC in the event the Senior Notes are represented by global notes or at the office of the paying agent for the Senior Notes
or, at Bancorp&rsquo;s option in the event the Senior Notes are not represented by global notes (as described below), by check
mailed to the address of the person specified for payment in the preceding sentences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 0pt; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 0pt; text-indent: 0pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Ranking</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">The Senior
Notes will be unsecured and unsubordinated and will rank equally in priority among themselves and with all of our other existing
and future unsecured and unsubordinated indebtedness, and senior in right of payment to all of our existing and future subordinated
indebtedness. The Senior Notes will be effectively subordinated to our existing and future secured indebtedness, to the extent
of the value of the collateral securing such indebtedness, and structurally subordinated to the existing and future indebtedness
of our subsidiaries. Because we are a holding company, our right to participate in any distribution of the assets of our banking&nbsp;or&nbsp;non-banking&nbsp;subsidiaries,&nbsp;upon
a subsidiary&rsquo;s&nbsp;dissolution,&nbsp;winding-up,&nbsp;liquidation&nbsp;or reorganization or otherwise, and thus the ability
of a holder of Senior Notes to benefit indirectly from such distribution, is subject to prior claims of creditors of any such subsidiary,
except to the extent that we may be a creditor of that subsidiary and our claims are recognized. Claims on our subsidiaries by
creditors other than us may include claims with respect to long-term debt and substantial obligations with respect to deposit liabilities,
federal funds purchased, securities sold under repurchase agreements, other&nbsp;short-term&nbsp;borrowings and various other financial
obligations. There are legal limitations on the extent to which some of our subsidiaries, including the Bank, may extend credit,
pay dividends or otherwise supply funds to, or engage in transactions with, us or some of our other subsidiaries. Our subsidiaries
are separate and distinct legal entities and have no obligation to pay any amounts due on the notes or to provide us with funds
to pay our obligations on the Senior Notes, whether by dividends, distributions, loans or other payments. Our subsidiaries may,
without notice or consent of the holders of the Senior Notes, incur additional debt and liabilities in the future, all of which
would rank structurally senior to the Senior Notes. As of June 30, 2020, our subsidiaries&rsquo; total borrowings (including deposits)
were approximately $5.68&nbsp;billion. All of such debt would rank structurally senior to the notes in case of liquidation or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Optional Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">The Senior
Notes will be redeemable in whole or in part by us on or after the 30<SUP>th</SUP> day prior to the maturity date at 100% of the
principal amount of the Senior Notes (par), plus accrued and unpaid interest thereon to but excluding the date of redemption. We
will provide 10 to 60 calendar days&rsquo; notice of the redemption to the registered holders of the Senior Notes. Other than as
set forth in this paragraph, the Senior Notes are not redeemable prior to maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Consolidation, Merger, Conveyance
or Transfer of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">We may consolidate
with, or sell, lease or otherwise transfer all or substantially all of our assets to, or merge with or into, any other corporation,
trust or other entity, provided that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we are the survivor in the merger, or the survivor, if not us, (1)&nbsp;is a Person organized and validly existing under the
laws of the United States, any state of the United States or the District of Columbia and (2)&nbsp;expressly assumes by supplemental
indenture the due and punctual payment of the principal of and interest on all of the outstanding Senior Notes and the due and
punctual performance and observance of all of the covenants and conditions to be performed by us contained in the Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>immediately after giving effect to the transaction and treating any indebtedness that becomes an obligation of ours or one
of our subsidiaries as a result of the transaction, as having been incurred by us or the subsidiary at the time of the transaction,
no Event of Default (as defined below) under the Indenture, and no event which, after notice or the lapse of time, or both, would
become an Event of Default, shall have occurred and be continuing;</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>if, as a result of the transaction, our property or assets would be subject to a mortgage, pledge, lien, security interest
or other encumbrance that would not be permitted under the Indenture, we or such successor person, as the case may be, shall take
steps to secure the Senior Notes equally and ratably with all indebtedness secured in the transaction; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we deliver to the Trustee an officers&rsquo; certificate and an opinion of counsel, each stating that such consolidation, merger
or transfer of our properties and assets complies with the Indenture and that all conditions precedent to such consolidation, merger
or transfer of properties and assets (and the execution of such supplemental indenture, if any) have been complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Upon any such
consolidation, merger, or sale, the successor corporation formed, or into which we are merged or to which we are sold, shall succeed
to, and be substituted for, us under the Indenture and the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">This covenant would
not apply to any recapitalization transaction, change of control of us or a transaction in which we incur a large amount of additional
debt unless the transactions or change of control included a merger or consolidation or transfer of all or substantially all of
our properties and assets. There are no covenants or other provisions in the Indenture providing for a put or increased interest
or that would otherwise afford holders of the Senior Notes additional protection in the event of a recapitalization transaction,
a change of control of us or a transaction in which we incur or acquire a large amount of additional debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Although there
is a limited body of case law interpreting the phrase &ldquo;substantially all,&rdquo; there is no precise established definition
of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a
particular transaction would involve &ldquo;all or substantially all&rdquo; of the property or assets of a person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Certain Covenants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white"><I>Sale or Issuance
of Capital Stock in Principal Subsidiary Bank.</I>&nbsp;We will not be permitted, pursuant to the covenants in the Indenture, directly
or indirectly, to do any of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>sell, assign, pledge, transfer, or otherwise dispose of, or permit to be issued, any shares of capital stock of a principal
subsidiary bank or any securities convertible into or rights to subscribe to such capital stock, unless, after giving effect to
that transaction and the shares to be issued upon conversion of such securities or exercise of such rights into that capital stock,
we will own, directly or indirectly, at least 80% of the outstanding shares of each class of capital stock of that principal subsidiary
bank; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>pay any dividend in capital stock of a principal subsidiary bank or make any other distribution in capital stock of a principal
subsidiary bank, unless the principal subsidiary bank to which the transaction relates, after obtaining any necessary regulatory
approvals, unconditionally guarantees payment of the principal and any premium and interest on the Senior Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The term &ldquo;principal
subsidiary bank&rdquo; means any subsidiary bank or trust company, the consolidated assets of which constitute 50% or more of our
consolidated assets. As of the date of this prospectus supplement, our only principal subsidiary bank is the Bank. The Indenture
does not restrict the ability of the principal subsidiary bank to sell or dispose of assets.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">The foregoing covenant
in the Indenture, however, does not prohibit any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any dispositions or dividends made by us or any principal subsidiary bank acting in a fiduciary capacity for any person or
entity other than us or any principal subsidiary bank or to us or any of our wholly-owned subsidiaries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the merger or consolidation of a principal subsidiary bank with and into another principal subsidiary bank;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the sale, assignment, pledge, transfer or other disposition of shares of voting stock of a principal subsidiary bank made by
us or any subsidiary where:</TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>the sale, assignment, pledge, transfer or other disposition is made, in the minimum amount required by law, to any person for
the purpose of the qualification of such person to serve as a director;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>the sale, assignment, pledge, transfer or other disposition is made in compliance with an order of a court or regulatory authority
of competent jurisdiction or as a condition imposed by any such court or regulatory authority to the acquisition by us or any principal
subsidiary bank, directly or indirectly, of any other corporation, trust or other entity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>the sale, assignment, pledge, transfer or other disposition of voting stock or any other securities convertible into or rights
to subscribe to voting stock of a principal subsidiary bank, so long as:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 114.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>any such transaction is made for fair market value as determined by our board of directors or the board of directors of the
principal subsidiary bank disposing of such voting stock or other securities or rights; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 114.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>after giving effect to such transaction and to any potential dilution, we and our directly or indirectly wholly-owned subsidiaries
will own, directly or indirectly, at least 80% of the voting stock of such principal subsidiary bank;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any of our principal subsidiary banks selling additional shares of voting stock to its stockholders at any price, so long as
immediately after such sale, we own, directly or indirectly, at least as great a percentage of the voting stock of such subsidiary
bank as we owned prior to such sale of additional shares; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>a pledge made or a lien created to secure loans or other extensions of credit by a principal subsidiary bank subject to Section&nbsp;23A
of the Federal Reserve Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt; background-color: white"><I>Waiver of
Certain Covenants.&nbsp;</I>We may choose not to comply with any term, provision or condition of certain covenants contained in
the Indenture, or with certain other terms, provisions or conditions with respect to the Senior Notes (except any such term, provision
or condition which could not be amended without the consent of all holders of the Senior Notes), if before the time for compliance
with the covenant, term, provision or condition, the holders of at least a majority in aggregate principal amount of the outstanding
Senior Notes either waive compliance in that instance or generally waive compliance with that covenant, provision or condition.
Until the waiver has become effective, our obligations in respect of the term, provision, or condition will remain in full force
and effect.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Events of Default; Notice and
Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">Each of the
following &ldquo;Events of Default&rdquo; set forth in the Indenture will be applicable to the Senior Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we fail for 90 days to pay any installment of interest payable on the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we fail to pay the principal of (or premium, if any, on) the Senior Notes when due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we default in the performance of or breach any other covenant or agreement we made in the Indenture with respect to the Senior
Notes which default or breach has continued for 90 days after written notice provided to us as provided for in accordance with
the Indenture by the Trustee or as provided to us and the Trustee by the holders of at least 30% in aggregate principal amount
of the outstanding Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we default under a bond, debenture, note or other evidence of indebtedness for money borrowed by us that has a principal
                                                                  amount outstanding that is more than $10.0 million (other&nbsp;than&nbsp;non-recourse&nbsp;indebtedness) under the terms of
                                                                  the instrument under which the indebtedness is issued or secured, which default has caused the indebtedness to become due and
                                                                  payable earlier than it would otherwise have become due and payable, and the acceleration has not been rescinded or annulled,
                                                                  or the indebtedness has not been discharged, or there has not been deposited in trust enough money to discharge the
                                                                  indebtedness, within 30 days after written notice was provided to us by the Trustee or to us and the Trustee by the holders
                                                                  of at least 30% in aggregate principal amount of the outstanding Senior Notes in accordance with the Indenture; or</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>certain events of bankruptcy, insolvency or reorganization of us or by our principal subsidiary bank occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">If there is
a continuing Event of Default under the Indenture with respect to the Senior Notes, then the Trustee or the holders of not less
than 30% of the total aggregate principal amount of the outstanding Senior Notes may declare immediately due and payable the principal
amount of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">If an Event
of Default occurs as a result of our bankruptcy, insolvency or reorganization, the principal amount of the Senior Notes shall become
immediately due and payable automatically, and without any declaration or other action on the part of the Trustee or any holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">However, at
any time after a declaration of acceleration with respect to the Senior Notes has been made, but before a judgment or decree for
payment of the money due has been obtained by the Trustee, the holders of a majority in aggregate principal amount of the outstanding
Senior Notes may rescind and annul such declaration and its consequences if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we deposit with the Trustee all required payments of the principal of, and interest on, the Senior Notes (and, to the extent
lawful, interest on overdue installments of interest) plus certain fees, expenses, disbursements and advances of the Trustee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>all Events of Default, other than the&nbsp;non-payment&nbsp;of accelerated principal of the Senior Notes, have been cured or
waived as provided in the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Indenture
also provides that the holders of not less than a majority in aggregate principal amount of the outstanding Senior Notes may waive
any existing default with respect to the Senior Notes and its consequences, except a default consisting of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>our failure to pay the principal of or interest on the Senior Notes; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>a default relating to a covenant or provision contained in the Indenture that cannot be modified or amended without the consent
of the holders of each outstanding Senior Note.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt; background-color: white">The Trustee
is generally required to give notice to the holders of the Senior Notes of a default of which a responsible officer of the Trustee
has actual knowledge under the Indenture unless the default has been cured or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Indenture
provides that no holder of the Senior Notes may institute a proceeding with respect to the Indenture or for any remedy under the
Indenture, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>such holder has previously given notice to the Trustee of an Event of Default and the Trustee fails to act for 60 days after
it has received a written request to institute proceedings in respect of an Event of Default from the holders of not less than
30% in aggregate principal amount of the outstanding Senior Notes, as well as an offer of indemnity or security satisfactory to
the Trustee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>no direction inconsistent with such written request has been given to the Trustee during that&nbsp;60-day&nbsp;period by the
holders of a majority in aggregate principal amount of the outstanding Senior Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The Trustee
is not under an obligation to exercise any of its rights or powers under the Indenture at the request or direction of any holders
of the Senior Notes, unless the holders of the Senior Notes have offered to the Trustee security or indemnity satisfactory to the
Trustee. Subject to these provisions for the indemnification of the Trustee, the holders of a majority in aggregate principal amount
of the outstanding Senior Notes will have the right to direct the time, method, and place of conducting any proceeding for any
remedy available to the Trustee, or of exercising any trust or power conferred upon the Trustee. However, the Trustee may refuse
to follow any direction which is in conflict with any law or the Indenture or which may involve the Trustee in personal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Within 120 days
after the close of each fiscal year, we must deliver to the Trustee an officers&rsquo; certificate, signed by two of several specified
officers, stating such officers&rsquo; knowledge of our compliance with all the conditions and covenants under the Indenture and,
in the event of any&nbsp;non-compliance,&nbsp;specifying such&nbsp;non-compliance&nbsp;and the nature and status of the&nbsp;non-compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Modification of the Indenture</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">Except as
otherwise provided below, modification and amendment of the Indenture may be made only with the consent of the holders of a majority
in aggregate principal amount of the outstanding Senior Notes. However, no modification or amendment may, without the consent of
each holder affected thereby, do any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 60.5pt; background-color: white">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>change the stated maturity or due date of the principal of, or interest payable on, the Senior Notes or change any place of
payment where, or the coin or currency in which, the Senior Notes or any principal, premium and interest thereon is payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>reduce the principal amount of, or the rate or amount of interest on, the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>change the ranking or priority of the Senior Notes that would adversely affect the holders of the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>impair the right to institute suit for the enforcement of any payment on, or with respect to, the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>reduce the percentage of the holders of the Senior Notes necessary to modify or amend the Indenture, or to waive compliance
with certain provisions thereof or certain defaults and consequences thereunder; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>modify any of the foregoing provisions or any of the provisions relating to the waiver of certain past defaults or certain
covenants with respect to the Senior Notes, except to increase the required percentage to effect such action or to provide that
certain other provisions may not be modified or waived without the consent of the holders of the Senior Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">We and the Trustee
may modify or amend the Indenture as applicable to the Senior Notes, without the consent of any holder of the Senior Notes, for
any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to cure any ambiguity, defect or inconsistency in the Indenture, or to make any other provisions with respect to matters or
questions arising under the Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to evidence the succession of another person to us as obligor under the Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to add to the covenants for the benefit of the holders of the Senior Notes or to surrender any right or power conferred upon
us in the Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to add additional events of default for the benefit of the holders of the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to add or change any provisions of the Indenture to facilitate the issuance of Senior Notes, or to permit or facilitate the
issuance of Senior Notes in uncertificated form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to add, change or eliminate any provisions of the Indenture, provided that any such addition, change or elimination shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>neither (a)&nbsp;apply to any Senior Note created prior to the execution of the supplemental indenture effectuating such addition,
change or elimination and entitled to the benefit of such provision, nor (b)&nbsp;modify the rights of the holder of such Senior
Note with respect to such provision; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>become effective only when there are no Senior Notes outstanding under the Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to secure the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to qualify or maintain the qualification of the Indenture under the Trust Indenture Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to evidence and provide for the acceptance or appointment of a successor trustee with respect to the Senior Notes or facilitate
the administration of the trusts under the Indenture by more than one trustee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to amend the provisions of the Indenture relating to the transfer and legending of the Senior Notes, so long as compliance
with the Indenture as amended would not result in Senior Notes being transferred in violation of the Securities Act of 1933 or
any other applicable securities law; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to make any other change to the Indenture that does not adversely affect the interests of the holders of the Senior Notes in
any material respect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Discharge, Defeasance and Covenant
Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">Under the
Indenture, we may discharge certain obligations to holders of the Senior Notes that have not already been delivered to the Trustee
for cancellation and that either have become due and payable or will become due and payable within one year. We can discharge these
obligations by irrevocably depositing with the Trustee funds in United States dollars in an amount sufficient to pay the entire
indebtedness on the Senior Notes, including the principal of and interest payable on the Senior Notes to the date of the deposit,
if the Senior Notes have become due and payable, or to the maturity date, if the Senior Notes have not yet become due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt; background-color: white">We may also
elect either of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to be defeased and discharged from any and all obligations with respect to the Senior Notes (&ldquo;legal defeasance&rdquo;),
except certain obligations, including but not limited to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>to register the transfer or exchange of the Senior Notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>to replace temporary or mutilated, destroyed, lost or stolen Senior Note;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>to maintain an office or agency for the Senior Notes; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>to hold moneys for payment in trust;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>to indemnify the Trustee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>to be defeased and discharged from certain of our obligations described under Section 12.03 of the Base Indenture (&ldquo;covenant
defeasance&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">If we elect
a covenant defeasance with respect to the Senior Notes, any failure to comply with the obligations imposed on us by the covenants
will not constitute a default or an Event of Default with respect to the Senior Notes. However, to make either election, we must
irrevocably deposit with the Trustee, in trust, an amount, in United States dollars, in United States government obligations or
both, that will provide sufficient funds to pay the principal of and interest on the Senior Notes on the relevant scheduled due
dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">We may defease
and discharge our obligations as described in the preceding paragraphs only if, among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we have delivered to the Trustee an opinion of counsel to the effect that the holders of the Senior Notes will not recognize
income, gain or loss for United States federal income tax purposes as a result of the legal defeasance or covenant defeasance described
in the previous paragraphs and will be subject to United States federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if the legal defeasance or covenant defeasance had not occurred. In the case of legal
defeasance, the opinion of counsel must refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable
United States federal income tax laws occurring after the date of the Indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we have delivered to the Trustee an opinion of counsel to the effect that, after the 120th day following the deposit or, if
longer, after the expiration of the longest preference period applicable to us under federal or state law in respect of such deposit,
the trust funds deposited with the Trustee to pay the principal of and interest on the Senior Notes on the relevant scheduled due
dates will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any such legal defeasance or covenant defeasance, as the case may be, does not result in, or constitute, a breach or violation
of the Indenture or any other material agreement which we are a party to or obligated under; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>subject to certain limited exceptions, no Event of Default, or event that with notice or lapse of time or both will be an Event
of Default, has occurred and is continuing with respect to the Senior Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Same-Day&nbsp;Settlement and
Payment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">Initial settlement
for the Senior Notes will be made in immediately available funds. Secondary market trading between DTC Participants will occur
in the ordinary way in accordance with DTC rules and will be settled in immediately available funds using&nbsp;DTC&rsquo;s&nbsp;Same-Day&nbsp;Funds&nbsp;Settlement
System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; background-color: white"><B>Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">Wilmington
Trust, National Association will act as Trustee, Security Registrar, and Paying Agent for the Senior Notes. From time to time,
we and our subsidiaries may maintain deposit accounts and conduct other banking transactions, including lending transactions, with
the Trustee in the ordinary course of business. Upon the occurrence of an Event of Default or a default under the Senior Notes,
or upon the occurrence of a default under another indenture under which Wilmington Trust, National Association may serve as trustee
in the future, the Trustee may be deemed to have a conflicting interest for purposes of the Trust Indenture Act and, accordingly,
may be required to resign as Trustee under the Indenture. In that event, we would be required to appoint a successor trustee for
the Senior Notes.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Except as otherwise
provided in the Indenture, the Trustee will have all of the duties and responsibilities specified under the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">Any notices
required to be given to the holders of the Senior Notes held in global form will be given to DTC in accordance with its applicable
procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>Governing Law; Waiver of Jury
Trial</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">The Senior
Notes and the Indenture will be governed by the laws of the State of New York, without regard to the conflicts of laws principles
thereof. The Indenture provides that we and the Trustee, and each holder of a Senior Note by its acceptance thereof, irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out
of or relating to the Indenture or the Senior Notes, or any transaction contemplated thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Book-Entry System</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">The Senior
Notes will be issued as fully registered global notes which will be deposited with the Trustee, as custodian for DTC, in its corporate
trust office, and registered, at the request of DTC, in the name of Cede&nbsp;&amp; Co. Beneficial interests in the global notes
will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as participants
in DTC. One or more fully registered certificates will be issued as global notes in the aggregate principal amounts of the applicable
series of Senior Notes. Beneficial interests in the global notes must be held in minimum denominations of $1,000 or any amount
in excess thereof which is an integral multiple of $1,000. Except as set forth below, the global notes may be transferred, in whole
and not in part, only to another nominee of DTC or to a successor of DTC or its nominee.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">Owners of beneficial
interests in a global note will not be entitled to have the Senior Notes represented by such global note registered in their names
and will not receive or be entitled to receive physical delivery of such Senior Notes in definitive form, except as provided below,
and will not be considered the owners or holders thereof under the Indenture. Accordingly, each person owning a beneficial interest
in a global note must rely on the procedures of DTC for such global note and, if such person is not a participant in DTC (as described
below), on the procedures of the participant through which such person owns its interest, to exercise any rights of a holder under
the Indenture. References in this prospectus supplement to holders of the Senior Notes are to the registered holders and not to
any owner of a beneficial interest in the Senior Notes. Senior Notes represented by a global note may be exchanged for notes in
definitive, registered form if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>DTC notifies us in writing that it is no longer willing or able to act as a depositary for that global note and we do not appoint
a successor depositary within 90 days after receiving that notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>at any time DTC ceases to be a clearing agency registered under the Exchange Act and we do not appoint a successor depositary
within 90 days after becoming aware that DTC has ceased to be registered as a clearing agency; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we, at our option, notify the Trustee in writing that we elect to cause the issuance of Senior Notes that are not global notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">In such circumstances,
upon surrender by DTC or a successor depositary of the global notes, Senior Notes in definitive form will be issued to each person
that DTC or a successor depositary identifies as the beneficial owner of the related Senior Notes. Upon issuance of Senior Notes
in definitive form, the Trustee is required to register these Senior Notes in the name of, and cause the same to be delivered to,
this person or these persons (or the nominee thereof). These Senior Notes would be issued in fully registered form without coupons
in minimum denominations of $1,000 or any amount in excess thereof which is an integral multiple of $1,000 and subsequently may
not be exchanged by a holder for Senior Notes in denominations of less than $1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">We will make
principal and interest payments on all Senior Notes represented by a global note to the Trustee which in turn will make payment
to DTC or its nominee, as the case may be, as the sole registered owner of the Senior Notes represented by global notes. None of
us, the Trustee or any agent of us or the Trustee will be responsible or liable for:</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the records relating to, or payments made on account of, beneficial ownership interests in a global note; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the maintenance, supervision or review of any records relating to the beneficial ownership interests in a global note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">We and the Trustee
understand that it is DTC&rsquo;s current practice to credit participants&rsquo; accounts on each payment date with payments of
principal or interest in amounts proportionate to their respective beneficial interests in the principal amount represented in
the global notes as shown on DTC&rsquo;s records, upon DTC&rsquo;s receipt of funds and corresponding detail information. Payments
by participants to owners of beneficial interests in a global note will be governed by standing instructions and customary practices,
as is the case with securities held for customer accounts registered in a &ldquo;street name,&rdquo; and will be the sole responsibility
of those participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B>The Clearing System</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">We have obtained
the following information under this heading &ldquo;The Clearing System&rdquo; from sources that we believe to be reliable, but
we take no responsibility for the accuracy of this information.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B><I>DTC</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">DTC has advised
us that it is a limited-purpose trust company organized under the New York Banking Law, a &ldquo;banking organization&rdquo; within
the meaning of the New York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the
meaning of the New York Uniform Commercial Code, and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section&nbsp;17A
of the Securities Exchange Act of 1934, as amended. DTC holds securities deposited with it by its participants and facilitates
the settlement of transactions among its participants in such securities through electronic computerized book-entry changes in
accounts of the participants, thereby eliminating the need for physical movement of securities certificates. DTC&rsquo;s participants
include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of
whom (and/or their representatives) own DTC. Access to DTC&rsquo;s book-entry system is also available to others, such as banks,
brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly
or indirectly. According to DTC, the foregoing information with respect to DTC has been provided to the financial community for
informational purposes only and is not intended to serve as a representation, warranty or contract modification of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0; background-color: white"><B><I>Settlement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt; background-color: white">Investors
in the Senior Notes will be required to make their initial payment for the Senior Notes in immediately available funds. Secondary
market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately
available funds.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 42.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s012"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 27pt; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 27pt; margin-right: 0; margin-left: 0">The
following is a summary of material U.S. federal income tax consequences of the acquisition, ownership and disposition of the
Senior Notes by U.S. Holders (as defined below)&nbsp;and&nbsp;Non-U.S.&nbsp;Holders&nbsp;(as defined below), but does not
purport to be a complete analysis of all the potential tax consequences that may be relevant to a holder with respect to the
acquisition, ownership and disposition of the Senior Notes. This summary is limited to the U.S. federal income tax
consequences with respect to Senior Notes that were purchased by an initial holder at their original issue at the first price
at which a substantial portion of the Senior Notes is sold for cash (other than to bond houses, brokers or similar persons or
organizations acting in the capacity of underwriters, placement agents or wholesalers) and that are held as capital assets
within the meaning of Section&nbsp;1221 of the Code (generally, property held for investment). This summary does not address
the U.S. federal income tax consequences to subsequent purchasers of the Senior Notes. This summary assumes that the Senior
Notes will be treated as debt instruments for U.S. federal income tax purposes. This summary does not purport to deal with
all aspects of U.S. federal income taxation that might be relevant to particular holders in light of their circumstances or
status, nor does it address specific tax consequences that may be relevant to particular holders (including, for example,
financial institutions, broker-dealers, thrifts, real estate investment trusts, regulated investments companies, traders in
securities that&nbsp;elect&nbsp;mark-to-market&nbsp;treatment,&nbsp;insurance companies, individual retirement accounts or
qualified pension plans or investors in pass-through entities, including partnerships and Subchapter S corporations,
U.S.&nbsp;expatriates, tax-exempt&nbsp;organizations,&nbsp;U.S. Holders that have a functional currency other than the U.S.
dollar, persons subject to special tax accounting rules as a result of any item of gross income with respect to the Senior
Notes being taken into account in an applicable financial statement, or persons who hold Senior Notes as part of a straddle,
hedge, conversion or other integrated financial transaction). In addition, this summary does not address U.S. federal
alternative minimum, estate and gift tax consequences or consequences under the tax laws of any state, local or foreign
jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 27pt; margin-right: 0; margin-left: 0">This
summary is based upon the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), the Treasury Regulations (the
&ldquo;Regulations&rdquo;) promulgated thereunder, and administrative and judicial interpretations thereof, all as of the date
hereof and all of which are subject to change, possibly on a retroactive basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 27pt; margin-right: 0; margin-left: 0">We
have not sought, and will not seek, any ruling from the Internal Revenue Service (the &ldquo;IRS&rdquo;) with respect to the statements
made and the conclusions reached in this summary, and we cannot assure you that the IRS will agree with such statements and conclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 27pt; margin-right: 0; margin-left: 0"><B>THIS
SUMMARY IS FOR GENERAL INFORMATION ONLY AND IS NOT INTENDED TO CONSTITUTE A COMPLETE DESCRIPTION OF ALL TAX CONSEQUENCES FOR HOLDERS
RELATING TO THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR SENIOR NOTES. PROSPECTIVE PURCHASERS OF THE SENIOR NOTES ARE URGED
TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAXATION AND OTHER TAX CONSEQUENCES TO THEM OF ACQUIRING,
OWNING AND DISPOSING OF THE SENIOR NOTES, AS WELL AS THE APPLICATION OF STATE, LOCAL AND FOREIGN INCOME AND OTHER TAX LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 27pt; margin-right: 0; margin-left: 0">For
purposes of the following summary, a &ldquo;U.S. Holder&rdquo; is a beneficial owner of Senior Notes that is, for U.S. federal
income tax purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an individual who is a citizen of the United States or a resident alien of the United States;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a corporation or other entity taxable as a corporation created or organized under the laws of the
United States, any state thereof, or the District of Columbia;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an estate, the income of which is subject to U.S. federal income tax regardless of its source;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a trust, if a court within the United States is able to exercise primary supervision over the trust&rsquo;s
administration and one or more U.S. persons have the authority to control all of its substantial decisions or if a valid election
to be treated as a U.S. person is in effect with respect to such trust.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">A&nbsp;&ldquo;Non-U.S.&nbsp;Holder&rdquo;&nbsp;is
a beneficial owner of Senior Notes that is neither a U.S. Holder nor a partnership (or other pass-through entity) for U.S. federal
income tax purposes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">If an entity or an arrangement
treated as a partnership for U.S. federal income tax purposes holds Senior Notes, the tax treatment of a partner in the partnership
will generally depend upon the status of the partner and the activities of the partnership. Partnerships acquiring Senior Notes,
and partners in such partnerships, should consult their own tax advisors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><B><I>Payment of Interest.</I></B>&nbsp;The
Senior Notes bear interest at a fixed rate. It is anticipated, and this discussion assumes, that the Senior Notes will not be treated
as issued with original issue discount for U.S. federal income tax purposes. Accordingly, stated interest on a Senior Note will
be taxable to a U.S. Holder as ordinary income at the time such interest is received or accrued, in accordance with the U.S. Holder&rsquo;s
regular method of accounting for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><B><I>Disposition of the
Senior Notes.</I></B>&nbsp;Upon the redemption, sale, exchange or other taxable disposition of a Senior Note, a U.S. Holder generally
will recognize taxable gain or loss equal to the difference between (i)&nbsp;the sum of all cash plus the fair market value of
all other property received on such disposition (except to the extent such cash or other property is attributable to accrued but
unpaid interest which has not previously been included in income, which amount will be taxable as ordinary income) and (ii)&nbsp;such
U.S. Holder&rsquo;s adjusted tax basis in the Senior Note. A U.S. Holder&rsquo;s adjusted tax basis in a Senior Note generally
will equal the cost of the Senior Note to such U.S. Holder. Any gain or loss recognized on the disposition of a Senior Note generally
will be capital gain or loss, and will be long-term capital gain or loss if, at the time of such disposition, the U.S. Holder&rsquo;s
holding period for the Senior Note is more than one year. Long-term capital gain recognized by a non-corporate U.S. Holder (such
as an individual) generally is subject to tax at a lower rate than short-term capital gain or ordinary income. The deductibility
of capital losses is subject to significant limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><B><I>Backup Withholding
and Information Reporting.</I></B>&nbsp;U.S. Holders of Senior Notes, except for certain exempt recipients, will generally be subject
to information reporting and backup withholding (currently at a rate of 24%) on payments of interest, principal and gross proceeds
from a disposition of Senior Notes. However, backup withholding generally applies only if the U.S. Holder:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">fails to furnish or furnishes an incorrect social security or other taxpayer identification number
within a reasonable time after a request for such information;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">fails to report interest properly; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">fails, under certain circumstances, to provide a properly completed IRS Form&nbsp;W-9&nbsp;(or
a suitable substitute or successor form or such other form as the IRS may prescribe), signed under penalties of perjury, certifying
that the taxpayer identification number provided is its correct number and that the U.S. Holder is not subject to backup withholding.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Backup withholding is not
an additional tax. Any amount withheld from a payment to a U.S. Holder under the backup withholding rules is allowable as a credit
against such U.S. Holder&rsquo;s U.S. federal income tax liability and may entitle such holder to a refund, provided such holder
timely furnishes the required information to the IRS. Prospective purchasers should consult their own tax advisors as to their
qualification for an exemption from backup withholding and the procedure for obtaining an exemption. We cannot refund amounts once
withheld.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">We will furnish annually
to the IRS, and to record holders of the Senior Notes to whom we are required to furnish such information, information relating
to the amount of interest paid and the amount of backup withholding, if any, with respect to payments on the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><B><I>Net Investment Income
Tax</I></B>. A tax of 3.8% (the &ldquo;Net Investment Income Tax&rdquo;) is imposed on the &ldquo;net investment income&rdquo;
of certain U.S. citizens and resident aliens, and on the undistributed &ldquo;net investment income&rdquo; of certain trusts and
estates. Among other items, &ldquo;net investment income&rdquo; generally includes gross income from interest and net gain from
the disposition of certain property, including Senior Notes, less certain related deductions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Prospective purchasers of
the Senior Notes should consult an independent tax advisor regarding the possible implications of the Net Investment Income Tax
on their particular circumstances.</P>

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


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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>U.S. Federal Income Taxation&nbsp;of&nbsp;Non-U.S.&nbsp;Holders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><B><I>Payment of Interest</I></B>.
Subject to the summary of backup withholding and FATCA below, payments of stated interest on a Senior Note to&nbsp;any&nbsp;Non-U.S.&nbsp;Holder&nbsp;generally
will not be subject to U.S. federal income or withholding tax provided we or the person otherwise responsible for withholding U.S.
federal income tax from payments on the Senior Notes receives a required certification from&nbsp;the&nbsp;Non-U.S.&nbsp;Holder&nbsp;and
the holder is not:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an actual or constructive owner of 10% or more of the total combined voting power of all our voting
stock;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a controlled foreign corporation related, actually or constructively, to us through stock ownership;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a bank whose receipt of interest on the Senior Notes is in connection with an extension of credit
made pursuant to a loan agreement entered into in the ordinary course of business; or</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">receiving such interest payments as income effectively connected with the conduct by the&nbsp;Non-U.S.&nbsp;Holder
of a trade or business within the United States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">In order to satisfy the
certification requirement,&nbsp;the&nbsp;Non-U.S.&nbsp;Holder&nbsp;must provide a properly completed IRS&nbsp;Form&nbsp;W-8BEN&nbsp;or&nbsp;Form&nbsp;W-8BEN-E,&nbsp;as&nbsp;appropriate
(or substitute&nbsp;Form&nbsp;W-8BEN&nbsp;or&nbsp;Form&nbsp;W-8BEN-E&nbsp;or&nbsp;the appropriate successor form of either), under
penalties of perjury that provides&nbsp;the&nbsp;Non-U.S.&nbsp;Holder&rsquo;s&nbsp;name and address and certifies that&nbsp;the&nbsp;Non-U.S.&nbsp;Holder&nbsp;is
not a U.S. person. Alternatively, in the case where a security clearing organization, bank, or other financial institution holds
the Senior Notes in the ordinary course of its trade or business on behalf of&nbsp;the&nbsp;Non-U.S.&nbsp;Holder,&nbsp;certification
requires that we or the person who otherwise would be required to withhold U.S. federal income tax receive from the financial institution
a certification under penalties of perjury that a properly completed&nbsp;Form&nbsp;W-8BEN&nbsp;or&nbsp;Form&nbsp;W-8BEN-E,&nbsp;as&nbsp;appropriate
(or substitute&nbsp;Form&nbsp;W-8BEN&nbsp;or&nbsp;Form&nbsp;W-8BEN-E&nbsp;or&nbsp;the appropriate successor form for either), has
been received by it from&nbsp;the&nbsp;Non-U.S.&nbsp;Holder,&nbsp;and a copy of such form is furnished to us or the person who
otherwise would be required to withhold U.S. federal income tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">A&nbsp;Non-U.S.&nbsp;Holder&nbsp;that
does not qualify for exemption from withholding under the preceding paragraphs generally will be subject to withholding of U.S.
federal income tax, currently at the rate of 30%, or a lower applicable treaty rate, on payments of interest on the Senior Notes
that are not effectively connected with the conduct by&nbsp;the&nbsp;Non-U.S.&nbsp;Holder&nbsp;of a trade or business in the United
States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">If the payments of interest
on a Senior Note are effectively connected with the conduct by a&nbsp;Non-U.S.&nbsp;Holder of a trade or business in the United
States (and, if an income tax treaty applies, is attributable to a permanent establishment or a fixed base maintained by&nbsp;the&nbsp;Non-U.S.&nbsp;Holder&nbsp;in
the United States), such payments will be subject to U.S. federal income tax on a net basis at the rates applicable to U.S. persons
generally. If&nbsp;the&nbsp;Non-U.S.&nbsp;Holder&nbsp;is a corporation for U.S. federal income tax purposes, such payments also
may be subject to a 30% branch profits tax. If payments are subject to U.S. federal income tax on a net basis in accordance with
the rules described in the preceding two sentences, such payments will not be subject to U.S. withholding tax so long as the holder
provides us, or the person who otherwise would be required to withhold U.S. federal income tax, with the appropriate certification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">In order to claim a tax
treaty benefit or exemption from withholding with respect to income that is effectively connected with the conduct of a trade or
business in the United States by&nbsp;a&nbsp;Non-U.S.&nbsp;Holder,&nbsp;the&nbsp;Non-U.S.&nbsp;Holder must provide a properly executed&nbsp;Form&nbsp;W-8BEN,&nbsp;Form&nbsp;W-8BEN-E&nbsp;or&nbsp;Form&nbsp;W-8ECI&nbsp;(or&nbsp;a
suitable substitute or successor form or such other form as the IRS may prescribe). Under the Regulations, a&nbsp;Non-U.S.&nbsp;Holder
may under certain circumstances be required to obtain a U.S. taxpayer identification number and make certain certifications to
us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Non-U.S.&nbsp;Holders&nbsp;should
consult their tax advisors regarding any applicable income tax treaties, which may provide for a lower rate of withholding tax,
exemption from or reduction of branch profits tax or other rules different from those described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><B><I>Disposition of the
Senior Notes</I></B>. Subject to the discussion of backup withholding below, a&nbsp;Non-U.S.&nbsp;Holder will generally not be
subject to U.S. federal income tax or withholding tax on any gain or income realized by&nbsp;a&nbsp;Non-U.S.&nbsp;Holder&nbsp;upon
the sale, exchange, redemption or other taxable disposition of a Senior Note (except with respect</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent:0pt">to accrued but unpaid interest,
which will be treated as described above under &ldquo;&mdash;U.S. Federal Income Taxation&nbsp;of&nbsp;Non-U.S.&nbsp;Holders&mdash;Payment&nbsp;of
Interest&rdquo;) unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the&nbsp;Non-U.S.&nbsp;Holder is an individual who is present in the United States for a period
or periods aggregating 183 or more days in the taxable year of the disposition and certain other conditions are met, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">such gain or income is effectively connected with a U.S. trade or business (and, if required by
an applicable treaty, is attributable to a U.S. permanent establishment or fixed base).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Proceeds from the disposition
of a Senior Note that are attributable to accrued but unpaid interest generally will be subject to, or exempt from, tax to the
same extent as described above with respect to payments of interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><B><I>Backup Withholding
and Information Reporting</I></B>. U.S. backup withholding tax will not apply to payments of interest on a Senior Note or proceeds
from the sale or other disposition of a Senior Note payable to a&nbsp;Non-U.S.&nbsp;Holder if the certification described in &ldquo;&mdash;U.S.
Federal Income Taxation&nbsp;of&nbsp;Non-U.S.&nbsp;Holders&mdash;Payment of Interest&rdquo; is duly provided by&nbsp;such&nbsp;Non-U.S.&nbsp;Holder&nbsp;or&nbsp;the&nbsp;Non-U.S.&nbsp;Holder&nbsp;otherwise
establishes an exemption, provided that the payor does not have actual knowledge or reason to know that the holder is a U.S. person
or that the conditions of any claimed exemption are not satisfied. Certain information reporting may still apply to interest payments
even if an exemption from backup withholding is established. Copies of any information returns reporting interest payments and
any withholding may also be made available to the tax authorities in the country in which&nbsp;a&nbsp;Non-U.S.&nbsp;Holder&nbsp;resides
under the provisions of an applicable income tax treaty.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding tax rules from a payment to&nbsp;a&nbsp;Non-U.S.&nbsp;Holder&nbsp;will
be allowed as a refund or a credit against&nbsp;such&nbsp;Non-U.S.&nbsp;Holder&rsquo;s&nbsp;U.S. federal income tax liability,
provided that the requisite procedures are followed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Non-U.S.&nbsp;Holders&nbsp;should
consult their own tax advisors regarding their particular circumstances and the availability of and procedure for establishing
an exemption from backup withholding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><B><I>FATCA</I></B>. The
Foreign Account Tax Compliance Act and the Regulations promulgated thereunder (&ldquo;FATCA&rdquo;) impose a U.S. federal withholding
tax at a rate of 30% on interest payments of interest-bearing obligations, including the Senior Notes, paid to&nbsp;certain&nbsp;non-U.S.&nbsp;financial&nbsp;institutions,
investment funds, and certain other&nbsp;non-U.S.&nbsp;non-financial&nbsp;entities&nbsp;if certain disclosure requirements related
to direct and indirect U.S. shareholders and/or U.S. accountholders are not satisfied. While withholding under FATCA would have
applied also to payments of gross proceeds from the taxable disposition (including a retirement or redemption) of a Senior Note,
proposed Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these
proposed Regulations until final Regulations are issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Prospective investors are
encouraged to consult their tax advisors regarding the implications of FATCA on their investment in the Senior Notes.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s013"></A>CERTAIN ERISA CONSIDERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">The following is a summary
of certain considerations associated with the purchase of the Senior Notes by (i)&nbsp;employee benefit plans subject to Part 4
of Subtitle B of Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended, or ERISA, (ii)&nbsp;plans, individual
retirement accounts and other arrangements subject to Section&nbsp;4975 of the Code, (iii)&nbsp;plans subject to federal, state,
local,&nbsp;non-U.S.&nbsp;or other laws or regulations that are similar to ERISA or Section&nbsp;4975 of the Code, and (iv)&nbsp;entities
whose underlying assets are considered to include &ldquo;plan assets&rdquo; of such employee benefit plans, plans or arrangements.
Each of these plans, individual retirement accounts and arrangements are referred to in this summary as a &ldquo;plan.&rdquo; This
summary is general in nature and does not address every issue pertaining to ERISA that may be applicable to us, the Senior Notes
or a particular investor. Accordingly, each prospective investor should consult with his, her or its own counsel in order to understand
the ERISA-related issues that affect or may affect the investor with respect to this investment. Each fiduciary of a plan should
consider the fiduciary standards of ERISA or any applicable similar laws in the context of the plan&rsquo;s particular circumstances
before authorizing an investment in the Senior Notes. Accordingly, among other factors, the fiduciary should consider whether the
investment would satisfy the prudence and diversification requirements of ERISA or any applicable similar laws and would be consistent
with the documents and instruments governing the plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Section&nbsp;406 of ERISA
and Section&nbsp;4975 of the Code prohibit plans subject to such provisions, or ERISA plans, from engaging in certain transactions
involving &ldquo;plan assets&rdquo; with persons that are &ldquo;parties in interest&rdquo; under ERISA or &ldquo;disqualified
persons&rdquo; under Section&nbsp;4975 of the Code with respect to the plans. A violation of these &ldquo;prohibited transaction&rdquo;
rules may result in an excise tax or other liabilities under ERISA and/or Section&nbsp;4975 of the Code for those persons, unless
exemptive relief is available under an applicable statutory or administrative exemption. As a general rule, employee benefit plans
that are governmental plans (as defined in Section&nbsp;3(32) of ERISA), certain church plans (as defined in Section&nbsp;3(33)
of ERISA that have not made an election under Section&nbsp;410(d) of the Code) and&nbsp;non-U.S.&nbsp;plans (as described in Section&nbsp;4(b)(4)
of ERISA) are not subject to the requirements of ERISA or Section&nbsp;4975 of the Code, but may be subject to similar laws that
regulate their investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Prohibited transactions
within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code could arise if the Senior Notes were acquired
by a plan with respect to which we or any of our affiliates or any underwriter is a party in interest or a disqualified person.
For example, if we or any underwriter is party in interest or disqualified person with respect to an investing plan (either directly
or, in our case, by reason of our ownership of our subsidiaries), the purchase of any Senior Notes by a plan could result in a
sale or exchange prohibited by Section&nbsp;406(a)(1)(A) of ERISA and Section&nbsp;4975(c)(1)(A) of the Code and/or an extension
of credit prohibited by Section&nbsp;406(a)(1)(B) of ERISA and Section&nbsp;4975(c)(1)(B) of the Code, unless exemptive relief
were available under an applicable exemption (see below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">The U.S. Department of Labor
has issued prohibited transaction class exemptions, or PTCEs, that may provide exemptive relief for direct or indirect prohibited
transactions resulting from the purchase, holding or disposition of the Senior Notes. Those class exemptions include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">PTCE&nbsp;96-23&nbsp;for certain transactions determined by&nbsp;in-house&nbsp;asset managers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">PTCE&nbsp;95-60&nbsp;for certain transactions involving insurance company general accounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">PTCE&nbsp;91-38&nbsp;for certain transactions involving bank collective investment funds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">PTCE&nbsp;90-1&nbsp;for certain transactions involving insurance company pooled separate accounts;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">PTCE&nbsp;84-14&nbsp;for certain transactions determined by independent qualified professional
asset managers.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">In addition, ERISA Section&nbsp;408(b)(17)
and Section&nbsp;4975(d)(20) of the Code provides an exemption for transactions between a plan and a party in interest or disqualified
person, provided that the party in interest or disqualified person is not a fiduciary (or an affiliate) who has or exercises any
discretionary authority or control with respect to the investment of the plan assets involved in the transaction or renders investment
advice with respect to those assets, and is a party in interest or disqualified person solely by reason of being a service provider
to the plan, being a relative of the service provider or having certain other employment or ownership relationships to a service
provider to the plan and provided, further that the plan receives no less, nor pays more, than adequate consideration</P>





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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">in connection
with the transaction. No assurance can be made that all of the conditions of any of these or any other exemptions will be satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Because of the possibility
that direct or indirect prohibited transactions or violations of similar laws could occur as a result of the purchase, holding
or disposition of the Senior Notes by a plan, the Senior Notes may not be purchased by any plan, or any person investing the assets
of any plan, unless its purchase, holding and disposition of the Senior Notes will not constitute or result in a&nbsp;non-exempt&nbsp;prohibited
transaction under ERISA or Section&nbsp;4975 of the Code or a violation of any similar laws. Any purchaser or holder of the Senior
Notes or any interest in the Senior Notes will be deemed to have represented by its purchase and holding of the Senior Notes that
either:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">it is not a plan and is not purchasing the Senior Notes or interest in the Senior Notes on behalf
of or with the assets of any plan; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">its purchase, holding and disposition of the Senior Notes or interest in the Senior Notes will
not constitute or result in a&nbsp;non-exempt&nbsp;prohibited transaction under ERISA or Section&nbsp;4975 of the Code or a violation
of any similar laws.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">Due to the complexity of
these rules and the penalties imposed upon persons involved in&nbsp;non-exempt&nbsp;prohibited transactions, it is important that
any person considering the purchase of the Senior Notes on behalf of or with the assets of any plan consult with its counsel regarding
the consequences under ERISA, Section&nbsp;4975 of the Code and any applicable similar laws of the acquisition, ownership and disposition
of the Senior Notes, whether any exemption would be applicable, and whether all conditions of such exemption have been satisfied
such that the acquisition and holding of the Senior Notes by the plan are entitled to full exemptive relief thereunder. Nothing
herein shall be construed as, and the sale of the Senior Notes to a plan is in no respect, a representation by us or the underwriter
that any investment in the Senior Notes would meet any or all of the relevant legal requirements with respect to investment by,
or is appropriate for, plans generally or any particular plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s014"></A>UNDERWRITING </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Piper Sandler&nbsp;&amp; Co., referred to
as Piper Sandler, is acting as representative of the underwriters named below. Subject to the terms and conditions stated in
the underwriting agreement dated August 10, 2020, each underwriter named below has severally agreed to purchase from us,
and we have agreed to sell to that underwriter, the principal amount of Senior Notes set forth opposite that
underwriter&rsquo;s name:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><IMG SRC="tsgimage_001.gif" ALT="https:||www.sec.gov|Archives|edgar|data|910322|000157104917005720|spacer.gif" STYLE="height: 1px; width: 66px"></FONT></TD><TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><IMG SRC="tsgimage_001.gif" ALT="https:||www.sec.gov|Archives|edgar|data|910322|000157104917005720|spacer.gif" STYLE="height: 1px; width: 66px"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid">Principal Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; padding-left: 0">Piper Sandler &amp; Co.</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">50,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0">Raymond James &amp; Associates, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">40,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0">Performance Trust Capital Partners, LLC</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 20pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">100,000,000<B></B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriting agreement provides that the obligations
of the underwriters to purchase the Senior Notes included in this offering are subject to approval of certain legal matters by
counsel and to certain other conditions. The underwriters are obligated to purchase all of the Senior Notes if they purchase any
of the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Piper Sandler, as representative of the underwriters,
has advised us that the underwriters do not intend to confirm sales to any account over which they exercise discretionary authority.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table shows the per Senior Note
and total underwriting discounts we will pay the underwriters.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Per Senior Note</FONT></TD>
    <TD STYLE="width: 12px; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 6px; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-top: 3pt; padding-bottom: 3pt; width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;1.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">%&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 3pt; padding-bottom: 3pt; vertical-align: bottom">1,500,000</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters propose to offer the
Senior Notes directly to the public initially at the public offering price set forth on the cover page of this prospectus
supplement, plus accrued interest, if any, from August
13,
2020 to the date of delivery of the Senior Notes, and to certain dealers at a concession not to exceed 0.90% of the principal amount of the Senior Notes. After the initial offering of
the Senior Notes to the public, the public offering price and other selling terms may be changed by the underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain expenses associated with the offer and
the sale of the Senior Notes, exclusive of the underwriting discount, are estimated to be approximately $200,000&nbsp; and will be paid
by us.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may
be required to make in respect of any of those liabilities.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>No Public Trading Market</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Senior Notes consist of a new issue of securities
with no established trading market. In addition, we have not applied and do not intend to apply to list the Senior Notes on any
securities exchange or to have the Senior Notes quoted on a quotation system. The underwriters have advised us that they intend
to make a market in the Senior Notes after the initial offering, although they are under no obligation to do so. The underwriters
may discontinue any market making activities at any time without notice. We can give no assurance as to development, maintenance
or liquidity of any trading market for the Senior Notes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the offering, Piper Sandler,
as representative of the underwriters, may purchase and sell Senior Notes in the open market. These transactions may include over-allotment,
syndicate covering transactions and stabilizing transactions. Over-allotment involves sales of Senior Notes in excess of the principal
amount of Senior Notes to be purchased by the underwriters in the offering, which creates a short position. Covering transactions
involve purchases of the Senior Notes in the open market after the distribution has been completed in order to cover short positions.
Stabilizing transactions consist of certain bids or purchases of Senior Notes made for the purpose of preventing or retarding a
decline in the market price of the notes while the offering is in progress.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters may also impose a penalty bid.
Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the underwriters, in covering
short positions or making stabilizing purchases, repurchase Senior Notes originally sold by the syndicate member.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any of these activities may cause the price
of the Senior Notes to be higher than the price that otherwise would exist in the absence of such activities. These activities,
if commenced, may be discontinued at any time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters, and some of their affiliates,
have performed and expect to continue to perform financial advisory and investment banking services for us from time to time in
the ordinary course of their respective businesses, and have received, and may continue to receive, compensation for such services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in the ordinary course of their
business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively
trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their
own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments
of ours or our affiliates. The underwriters and their respective affiliates may also make investment recommendations and/or publish
or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients
that they acquire, long and/or short positions in such securities and instruments.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_s015"></A>LEGAL MATTERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">Certain legal matters
in connection with this offering will be passed on for us by Ledgewood, P.C., Philadelphia, Pennsylvania.<B>&nbsp;</B>Shapiro Bieging
Barber Otteson LLP, Denver, Colorado, has acted as counsel to the underwriters in connection with certain legal matters related
to this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B><A NAME="a_s016"></A>EXPERTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt">The financial statements,
schedules and management&rsquo;s assessment of the internal control over financial reporting incorporated by reference in this
prospectus supplement and the accompanying prospectus have been so incorporated by reference in reliance upon the reports of Grant
Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B>PROSPECTUS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 83; width: 250"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>$250,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>The Bancorp, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>Common Stock </B></P>

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We may offer, issue and sell, from time
to time, together or separately, common stock, preferred stock, warrants, rights, units, debt securities, depositary shares and
purchase contracts of The Bancorp, Inc. We will provide the specific terms of the securities we sell in one or more supplements
to this prospectus or other offering materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">This prospectus provides
you with a general description of these securities. Each time any securities are offered pursuant to this prospectus, we will provide
you with a prospectus supplement, and, if necessary, a pricing supplement, that will describe the specific amounts, prices and
terms of the securities being offered. These supplements may also add, update or change information contained in this prospectus.
To understand the terms of the securities offered, you should carefully read this prospectus with the applicable supplements, which
together provide the specific terms of the securities being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">We may offer and sell
the securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Our shares of common stock are listed
for trading on the NASDAQ Global Select Market under the symbol &ldquo;TBBK.&rdquo; On June 26, 2020, the last reported sale price
of our shares of common stock was $8.74  per share. If any other securities offered hereby will be listed on a securities exchange,
such listing will be described in the applicable prospectus supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><B>Investing in our securities
involves risk. See the section entitled &ldquo;Risk&nbsp;Factors&rdquo; on page 4 in this prospectus and the risk factors
that may be included in the applicable prospectus supplement and in our periodic reports and other documents we file with the
Securities and Exchange Commission that are incorporated by reference herein for a discussion of factors you should consider
before buying our securities. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><B>These securities are not deposits
or obligations of a bank or savings association and are not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other governmental agency.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense. </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>This prospectus is dated July
13, 2020. </B></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 95%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 5%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_002">1</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_003">1</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_004">1</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">OUR COMPANY&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_018">3</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">RISK FACTORS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_005">4</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_006">5</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_007">5</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_008">8</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF RIGHTS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_009">9</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_010">10</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_011">11</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEPOSITARY SHARES&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_012">23</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF PURCHASE CONTRACTS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><A HREF="#a_013">26</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_014">27</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_015">28</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">EXPERTS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_016">29</A></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">LEGAL MATTERS&#9;</FONT></TD>
    <TD STYLE="padding: 0 0 0 2pt; text-align: left; white-space: nowrap; vertical-align: bottom"><A HREF="#a_017">29</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_002"></A>ABOUT THIS PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">This prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission, or the SEC, using a &ldquo;shelf&rdquo; registration process.
Under this registration process, over the three year period (or such longer period permitted under SEC rules) from the effective
date of the registration statement, we may sell any combination of securities described in this prospectus in one or more offerings.
The terms of these offerings will be determined at the time of sale. For more information on how our securities may be sold, please
read the section of the prospectus entitled &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">The specific terms of the securities
we offer and the terms of their sale will be set forth in an accompanying supplement to this prospectus or other offering materials.
This prospectus describes some of the general terms that may apply to these securities. The prospectus supplement or other offering
materials may also add, update or change information contained in this prospectus. You should read this prospectus, any prospectus
supplement and any other offering materials together with the additional information described in the section of the prospectus
entitled &ldquo;Where You Can Find More Information.&rdquo; We are not making an offer of our securities in any state where the
offer or solicitation is not authorized. References in this prospectus to the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
and &ldquo;our&rdquo; are to The Bancorp, Inc., a Delaware corporation. &ldquo;Bank&rdquo; refers to The Bancorp Bank, a wholly-owned
subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_003"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">This prospectus contains or incorporates
by reference &ldquo;forward-looking statements&rdquo; within the meaning of Section&nbsp;27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We
claim the protection of the safe harbor for forward-looking statements provided in the Private Securities Litigation Reform Act
of 1995. Words such as &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo;
&ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;should&rdquo; and words and terms of similar substance used in connection with
any discussion of future operating or financial performance identify forward-looking statements. These statements may be made directly
in this prospectus and they may also be incorporated by reference in this prospectus from other documents filed with the SEC, and
include, but are not limited to, statements about future financial and operating results and performance, statements about our
plans, objectives, expectations and intentions with respect to future operations, products and services, and other statements that
are not historical facts. These forward-looking statements are based upon the current beliefs and expectations of our management
and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are
difficult to predict and generally beyond our control. In addition, these forward-looking statements are subject to assumptions
with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from
the anticipated results discussed in these forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">The risk factors discussed in this prospectus,
any prospectus supplement and any other offering materials and those discussed and identified in item 1A of our most recent annual
report on Form 10-K and our other public filings with the SEC, which we incorporate by reference in this prospectus, among others,
could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking
statements. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of
this prospectus or the date of any document incorporated by reference in this prospectus. All subsequent written and oral forward-looking
statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements
contained or referred to in this section. Except to the extent required by applicable law or regulation, we undertake no obligation
to update these forward-looking statements to reflect events or circumstances after the date of this prospectus or to reflect the
occurrence of unanticipated events. If we do update one or more forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_004"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We file annual, quarterly and current
reports, proxy statements and other information with the SEC. The SEC maintains an internet website that contains reports, proxy
statements and other information about issuers, like the Company, that file electronically with the SEC. The address of that website
is&nbsp;<I>http://www.sec.gov</I>. Our internet website address is&nbsp;<I>www.thebancorp.com</I>. We make available free of charge
on our website our Annual Reports on &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 0pt">Form 10-K, Quarterly Reports on
Form&nbsp;10-Q, Current Reports on Form&nbsp;8-K and amendments to those reports and our proxy statements as soon as
reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The references to the
SEC's website and our website are for the convenience of investors as required by the SEC and shall not be deemed to
incorporate any information on these websites into this prospectus. All website addresses in this prospectus are intended to
be inactive textual references only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We have filed with the SEC a registration
statement on Form S-3 with respect to the securities offered hereby. This prospectus does not contain all the information set forth
in the registration statement, parts of which are omitted in accordance with the rules and regulations of the SEC. For further
information with respect to us and the securities offered hereby, reference is also made to such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Certain information about us and our
subsidiaries is &ldquo;incorporated by reference&rdquo; to reports and exhibits we file with the SEC that are not included in this
prospectus. We disclose important information to you by referring you to these documents. Any statement contained in a document
incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained in this prospectus or any other subsequently filed document that is
deemed to be incorporated by reference into this prospectus modifies or supersedes such statement. Any statement so modified or
superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus. We incorporate by
reference the documents listed below that we have filed with the SEC:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2019.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2020.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>Current Report on Form 8-K filed on April 29, 2020, May 14, 2020 and May 15, 2020.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>The description of our shares of common stock contained in our Registration Statement on Form&nbsp;8-A filed on November 10,
2004, including any amendments or reports filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">All documents subsequently filed by
us with the SEC under Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (other than current reports on Form 8-K furnished
pursuant to Item 2.02 or Item 7.01 of Form 8-K, including any exhibits included with such information, unless otherwise indicated
therein) prior to the termination or completion of the offering made pursuant to this prospectus are also incorporated herein by
reference and will automatically update and supersede information contained or incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">You may request a copy of these filings,
at no cost, by writing or telephoning us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">The Bancorp, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">409 Silverside Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Wilmington, DE 19809</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(302) 385-5000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">You should rely only on the information
incorporated by reference or provided in this prospectus, any supplement to this prospectus or any other offering materials we
may use. We have not authorized any person to provide information other than that provided in this prospectus, any supplement to
this prospectus or any other offering materials we may use. You should assume that the information in this prospectus, any prospectus
supplement and any other offering materials we may use is accurate only as of the date on its cover page and that any information
in a document we have incorporated by reference is accurate only as of the date of the document incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">The statements that we make in this
prospectus or in any document incorporated by reference in this prospectus about the contents of any other documents are not necessarily
complete, and are qualified in their entirety by referring you to copies of those documents that are filed as exhibits to the registration
statement, of which this prospectus forms a part, or as an exhibit to the documents incorporated by reference. You can obtain copies
of these documents from the SEC or from us, as described above.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_018"></A>OUR COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">We are a Delaware financial
holding company and our primary subsidiary is The Bancorp Bank, which we wholly own and which we refer to as the Bank.&nbsp;&nbsp;The
vast majority of our revenue and income is generated through the Bank.&nbsp;&nbsp;In our continuing operations, we have four primary
lines of specialty lending: securities-backed lines of credit (SBLOC) and&nbsp;insurance policy cash value-backed lines of credit
(IBLOC), leasing (direct lease financing), small business loans (SBL) and loans generated for sale into capital markets through
commercial loan securitizations and other sales (CMBS).&nbsp;&nbsp;SBL are comprised primarily of Small Business Administration
(SBA) loans. SBLOCs and IBLOCs are loans which are generated through institutional banking affinity groups and are respectively
collateralized by marketable securities and the cash value of insurance policies. SBLOCs are typically offered in conjunction with
brokerage accounts and are offered nationally.&nbsp;&nbsp;Vehicle fleet and other equipment leases are generated in a number of
Atlantic Coast and other states.&nbsp;&nbsp;SBL loans and commercial loans generated for sale are made nationally.&nbsp;&nbsp;At&nbsp;December
31, 2019, SBLOC and IBLOC, leasing (direct lease financing), SBL and loans for sale in secondary markets&nbsp;respectively&nbsp;totaled
$1.02 billion, $434.5 million, $572.6&nbsp;million (including SBL loans held-for-sale) and $960.2 million (excluding&nbsp;SBL loans
held-for-sale), respectively, and comprised&nbsp;approximately 34%, 14%, 19% and 32% of our loan&nbsp;portfolio and commercial
loans held-for-sale.&nbsp;&nbsp;Our investment portfolio amounted&nbsp;to $1.41 billion at December 31, 2019, representing a slight
increase from the prior year.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">The majority of our deposits
and non-interest income are generated in our payments business line which consists of consumer deposit accounts accessed by prepaid
or debit cards, or issuing, automated clearing house, or ACH accounts and the collection of payments through credit card companies
on behalf of merchants.&nbsp;&nbsp;The issuing deposit accounts are comprised of debit and prepaid card accounts that are generated
with the assistance of independent companies that market directly to end users.&nbsp;&nbsp;Our issuing deposit account types are
diverse and include: consumer and business debit, general purpose reloadable prepaid, pre-tax medical spending benefit, payroll,
gift, government, corporate incentive, reward, business payment accounts and others.&nbsp;&nbsp;Our ACH accounts facilitate&nbsp;&nbsp;bill
payments and our acquiring accounts provide clearing and settlement services for payments made to merchants which must be settled
through associations such as Visa or MasterCard.&nbsp;&nbsp;We also provide banking services to organizations with a pre-existing
customer base tailored to support or complement the services provided by these organizations to their customers.&nbsp;&nbsp;These
services include loan and deposit accounts for investment advisory companies through our institutional banking department.&nbsp;&nbsp;We
typically provide these services under the name and through the facilities of each organization with whom we develop a relationship.&nbsp;&nbsp;We
refer to this, generally, as affinity banking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Our principal executive
offices are located at 409 Silverside Road, Wilmington, Delaware 19809 and our telephone number is (302) 385-5000.&nbsp;&nbsp;Our
web address is <I>www.thebancorp.com</I>.&nbsp;&nbsp; We do not incorporate by reference into this prospectus any material from
our website.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_005"></A>RISK FACTORS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Investing in our securities involves
risk. You should carefully consider the specific risks discussed or incorporated by reference in the applicable prospectus supplement
or in this prospectus, together with all the other information contained or incorporated by reference in this prospectus or in
an applicable prospectus supplement. In particular, you should consider the risks, uncertainties and assumptions discussed under
the caption &ldquo;Risk Factors&rdquo; included in our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2019,
and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, which are incorporated by reference in this prospectus
and may be amended, supplemented or superseded from time to time by other reports we file with the SEC in the future.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_006"></A>DESCRIPTION OF SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Our board of directors may authorize
the issuance of additional securities, including the securities described in this prospectus, for property or other consideration
on such terms as it may deem advisable and may classify or reclassify any unissued shares of our capital stock without approval
of the holders of the outstanding securities. We may issue debt obligations with conversion privileges on such terms and conditions
as the directors may determine, whereby the holders of such debt obligations may acquire our common stock or preferred stock. We
may also issue warrants, options and rights to buy shares on such terms as the directors deem advisable, despite the possible dilution
in the value of the outstanding shares which may result from the exercise of such warrants, options or rights to buy shares, as
part of a ratable issuance to stockholders, a private or public offering or another financial arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B><A NAME="a_007"></A>DESCRIPTION OF CAPITAL STOCK </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Common Stock and Preferred Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">The following description of our shares
of common stock and shares of preferred stock sets forth certain general terms and provisions of the shares of common stock and
shares of preferred stock to which any prospectus supplement may relate. The terms of our charter and bylaws are more detailed
than the general information provided below. Therefore, you should carefully consider the actual provisions of these documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We have the authority to issue 75,000,000
shares of common stock, par value $1.00 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. As of June
24, 2020, we had 57,555,308&nbsp;shares of common stock outstanding and no preferred stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 24.5pt"><B><I>Common Stock <BR>
<BR>
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"><I>Voting rights.&nbsp;</I>Each
share of common stock is entitled to one vote on all matters presented to stockholders, including the election of directors. There
is no cumulative voting in the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"><I>Dividends.&nbsp;</I>We
may pay dividends as declared from time to time by the board of directors out of funds legally available for that purpose. See
Item&nbsp;5 of our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2019, which we refer to as our 2019 10-K
and which is incorporated by reference in this prospectus, under the caption &ldquo;Market for Registrant&rsquo;s Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities&rdquo; for a description of our dividend policy and Item&nbsp;1
of our 2019 10-K under the captions &ldquo;Business&mdash;Regulation under Banking Law&rdquo; for statutory and regulatory restrictions
on our ability to pay dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"><I>Liquidation.&nbsp;</I>In
the event we are dissolved, liquidated or wound up, common stockholders are entitled to receive a pro rata portion of our assets
remaining after payment or provision for payment of all of our debts and liabilities and payment of the liquidation preference
of any outstanding preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"><I>No Preemptive Rights;
Redemption.&nbsp;</I>Common stockholders are not entitled to preemptive rights and our common shares are not subject to call or
redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"><I>Transfer Agent</I>.
We have appointed American Stock Transfer&nbsp;&amp; Trust Company to act as the transfer agent for our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"><I>Listing</I>. Our common
stock is listed on the NASDAQ Global Select Market under the symbol &ldquo;TBBK.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0 24.45pt"><B><I>Preferred Stock </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Our charter authorizes our board of directors,
without further stockholder action, to provide for the issuance of up to 5,000,000 shares of preferred stock, in one or more classes
or series, with such terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends
or other distributions, qualifications and terms or conditions of redemption for each class or series, as our board of directors
shall approve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Any shares of preferred stock issued
under this registration statement will be issued as one or more new series of shares of preferred stock, the rights, preferences,
privileges and restrictions of which will be fixed by certificate of designations relating to each series. A prospectus supplement
relating to each series will specify the terms of the shares of preferred stock, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the maximum number of shares in the series and the designation of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the terms on which dividends, if any, will be paid;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the terms on which the shares may be redeemed, if at all;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the liquidation preference, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the terms of any retirement or sinking fund for the purchase or redemption of the shares of the series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the terms and conditions, if any, on which the shares of the series will be convertible into, or exchangeable for, shares of
any other class or classes of stock;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the voting rights, if any, of the shares of the series; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>any or all other preferences and relative, participating, operational or other special rights or qualifications, limitations
or restrictions of the shares of the series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We currently have no shares of preferred
stock outstanding. The description of the terms of a particular series of shares of preferred stock included in any prospectus
supplement will not be complete. You should refer to the certificate of designations with respect to a series of preferred stock
for complete information concerning the terms of that series. A copy of the certificate of designations for each new series of
preferred stock will be filed with the SEC as an exhibit to the registration statement of which this prospectus is a part or as
an exhibit to a filing incorporated by reference in such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Our board of directors may authorize
the issuance of series of preferred stock with voting or conversion rights that could adversely affect the voting power or other
rights of common stockholders. The issuance of shares of preferred stock, which may provide flexibility in connection with possible
acquisitions and other corporate purposes, could have the effect of delaying or preventing a change in control, and may cause the
market price of shares of common stock to decline or impair the voting and other rights of the holders of shares of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Anti-Takeover Effects of Delaware Law
and Our Certificate of Incorporation and Bylaws</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white">We summarize various
provisions of Delaware law, our certificate of incorporation and our bylaws in the following paragraphs. These provisions may have
an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that a stockholder might consider in
his or her best interest, including those attempts that might result in a premium over the market price for his or her shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white"><I>Certificate of incorporation
and bylaws.&nbsp;</I>Our certificate of incorporation and bylaws currently contain provisions that may be deemed to be &ldquo;anti-takeover&rdquo;
in nature. These provisions are the current authorization of 75,000,000 shares of common stock, the current authorization of 5,000,000
shares of preferred stock and the elimination of preemptive rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white">The authorization for
the issuance of substantial numbers of shares of common stock and preferred stock and the elimination of preemptive rights for
common stock provides our board of directors with as much flexibility as possible to issue additional shares, without further stockholder
approval, for corporate purposes, including financings, acquisitions, stock dividends, stock splits, employee incentive plans and
similar purposes. These</P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt; background-color: white">additional shares, however, may also be used by the board of directors, if consistent with its fiduciary
responsibilities to deter future attempts to gain control over us. Moreover, because a stockholder does not have preemptive rights,
he or she does not have a right to subscribe for a proportionate part of any such issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white"><I>Delaware law.&nbsp;</I>We
are a Delaware corporation and consequently are also subject to certain anti-takeover provisions of the Delaware General Corporation
Law. Under Section&nbsp;203 of the General Corporation Law, a Delaware corporation may not engage in any business combination with
any interested stockholder for a period of three years following the date such stockholder became an interested stockholder, unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%; font-size: 10pt"><FONT STYLE="font-size: 10pt">before such date the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%; font-size: 10pt"><FONT STYLE="font-size: 10pt">upon completion of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 15%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 81%; font-size: 10pt"><FONT STYLE="font-size: 10pt">shares owned by persons who are directors and also officers, and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 15%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 81%; font-size: 10pt"><FONT STYLE="font-size: 10pt">employee stock plans, in certain instances; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%; font-size: 10pt"><FONT STYLE="font-size: 10pt">on or after such date the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white">Section&nbsp;203 defines
an interested stockholder of a corporation to be any person (other than the corporation and any direct or indirect majority-owned
subsidiary of the corporation) who:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%; font-size: 10pt"><FONT STYLE="font-size: 10pt">owns, directly or indirectly, 15% or more of the outstanding voting stock of the corporation; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%; font-size: 10pt"><FONT STYLE="font-size: 10pt">is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within the three-year period immediately before the date on which it is sought to be determined whether such person (and any affiliate or associate of such person) is an interested stockholder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white">Section&nbsp;203 defines business
combinations to include certain mergers, consolidations, asset sales, transfers and other transactions resulting in a financial
benefit to the interested stockholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white">The restrictions imposed
by Section&nbsp;203 will not apply to a corporation if:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%; font-size: 10pt"><FONT STYLE="font-size: 10pt">the corporation&rsquo;s original certificate of incorporation contains a provision expressly electing not to be governed by Section&nbsp;203; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%; font-size: 10pt"><FONT STYLE="font-size: 10pt">the corporation, by the action of stockholders holding a majority of outstanding voting stock, adopts an amendment to its certificate of incorporation or bylaws expressly electing not to be governed by Section&nbsp;203.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white">We have not opted out
of Section&nbsp;203. Section&nbsp;203 could under certain circumstances make it more difficult for a third party to gain control
of us, deny stockholders the receipt of a premium on their common stock and may reduce the price at which the common stock may
be sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt; background-color: white"><I>Federal banking law.&nbsp;</I>Federal
law pertaining to bank holding companies and banks also may have an anti-takeover effect. See Item&nbsp;1 of our 2019 10-K under
the caption &ldquo;Business&mdash;Regulation Under Banking Law&mdash;Federal Regulation&mdash;Change in Control.&rdquo;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_008"></A>DESCRIPTION OF WARRANTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">The following describes some of the
general terms and provisions of warrants we may issue. Warrants may be issued independently or together with any other securities
offered by any prospectus supplement or any other offering materials and may be attached to or separate from those securities.
Warrants may be issued under warrant agreements to be entered into between us and a warrant agent or may be represented by individual
warrant certificates, all as specified in the applicable prospectus supplement or any other offering materials. The warrant agent,
if any, for any series of warrants will act solely as our agent and will not assume any obligation or relationship of agency or
trust for or with any holders or beneficial owners of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Reference is made to each prospectus
supplement or any other offering materials for the specific terms of the warrants offered thereby. These terms may include the
following, as applicable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the title and aggregate number of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the price or prices at which the warrants will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the title, amount and terms of the securities purchasable upon exercise of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the title, amount and terms of the securities offered with the warrants and the number of warrants issued with each such security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the date, if any, on and after which the warrants and the related securities will be separately transferable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the price at which the related securities may be purchased upon exercise of the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the exercise period for the warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>the minimum or maximum number of warrants which may be exercised at any one time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>any applicable anti-dilution, redemption or call provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>any applicable book-entry provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>a discussion of certain United States federal income tax considerations, if any; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>any other terms of the warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 27pt; margin-right: 0; margin-left: 0">If in registered
form, warrants may be presented for registration of transfer, and may be exercised at the corporate trust office of the warrant
agent or any other office indicated in the prospectus supplement. Before the exercise of their warrants, holders of warrants will
not have any of the rights of holders of the securities purchasable upon such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 27pt">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_009"></A>DESCRIPTION OF RIGHTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We may issue rights to purchase shares
of common stock or other securities. This section describes the general terms of the rights to purchase common stock or other securities
that we may offer using this prospectus.&nbsp;&nbsp;Further terms of the rights will be stated in the applicable prospectus supplement.
The following description and any description of the rights in a prospectus supplement may not be complete and is subject to and
qualified in its entirety by reference to the terms of any agreement relating to the rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Rights may be issued
independently or together with any other security and may or may not be transferable.&nbsp;&nbsp;As part of the rights offering,
we may enter into a standby underwriting or other arrangement under which the underwriters or any other person would purchase any
securities that are not purchased in such rights offering. The prospectus supplement relating to any rights we offer will describe
the specific terms of the offering and the rights, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the record date for determining security holders entitled to the rights distribution;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the number of rights issued and the number of shares of common stock or other securities that may be purchased upon exercise
of the rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the exercise price of the rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the steps required to exercise the rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the date on which the rights will become effective and the date on which the rights will expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>whether the rights will include oversubscription rights, so that the holder may purchase more securities if other holders do
not purchase their full allotments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>whether we intend to sell the shares of common stock or other securities that are not purchased in the offering to an underwriter
or other purchaser under a contractual standby commitment or other arrangement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our ability to withdraw or terminate the rights offering prior to the expiration date of the rights.</TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt">Prior to the exercise
of their rights, holders of rights will not have any of the rights of holders of the securities purchasable upon the exercise of
the rights, and will not be entitled to, among other things, vote or receive dividend payments or other distributions on the securities
purchasable upon exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 8pt; margin: 0pt"><A HREF="#TableOfContents" TITLE="TABLE OF CONTENTS">Table of Contents</A>&nbsp;</P><P STYLE="margin: 0pt; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><A NAME="a_010"></A><B>DESCRIPTION OF UNITS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We may issue units consisting of any
combination of one or more of the other types of securities described in this prospectus. The applicable prospectus supplement
or supplements will also describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the designation and the terms of the units and of any combination of the securities constituting the units, including whether
and under what circumstances those securities may be held or traded separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any additional terms of the agreement governing the units;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any additional provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities constituting
the units; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>whether the units will be issued in fully registered form.</TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">The terms and conditions
described under &ldquo;Description of Debt Securities,&rdquo; &ldquo;Description of Warrants,&rdquo; and &ldquo;Description of
Capital Stock&rdquo; will apply to each unit that includes such securities and to the securities included in each unit, unless
otherwise specified in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">We will issue the units
under one or more unit agreements to be entered into between us and a unit agent. We may issue units in one or more series, which
will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_011"></A>DESCRIPTION OF DEBT SECURITIES </B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may issue senior or subordinated debt
securities, which will be direct, general obligations of us that may be secured or unsecured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The senior debt securities will constitute
part of our senior debt, will be issued under the senior debt indenture described below and will rank equally in payment with all
of our other senior and unsubordinated debt, whether secured or unsecured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The subordinated debt securities will
constitute part of our subordinated debt, will be issued under the subordinated debt indenture described below and will be subordinate
in right of payment to all of our &ldquo;senior debt,&rdquo; as defined in the indenture with respect to subordinated debt securities.
The prospectus supplement for any series of subordinated debt securities or the information incorporated in this prospectus by
reference will indicate the approximate amount of senior debt outstanding as of the end of our most recent fiscal quarter. Neither
indenture limits our ability to incur additional senior debt, additional subordinated debt or other indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">When we refer to &ldquo;debt securities&rdquo;
in this prospectus, we mean both the senior debt securities and the subordinated debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The senior debt securities and subordinated
debt securities will be governed by an indenture between us and one or more trustees selected by us. The indentures will be substantially
identical, except for certain provisions including those relating to subordination, which are included only in the indenture related
to subordinated debt securities. When we refer to the indenture or the trustee with respect to any debt securities, we mean the
indenture under which those debt securities are issued and the trustee under that indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Series of Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may issue multiple debt securities
or series of debt securities under either indenture. This section summarizes terms of the securities that apply generally to all
debt securities and series of debt securities. The provisions of each indenture allow us not only to issue debt securities with
terms different from those of debt securities previously issued under that indenture, but also to &ldquo;reopen&rdquo; a previously
issued series of debt securities and issue additional debt securities of that series. We will describe most of the financial and
other specific terms of a particular series, whether it be a series of the senior debt securities or subordinated debt securities,
in the prospectus supplement applicable for that series. Those terms may vary from the terms described here.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Amounts of Issuances</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The indentures do not limit the amount
of debt securities that may be issued under them. We may issue the debt securities from time to time in one or more series. We
are not required to issue all of the debt securities of one series at the same time and, unless otherwise provided in the applicable
indenture or prospectus supplement, we may reopen a series and issue additional debt securities of that series without the consent
of the holders of the outstanding debt securities of that series.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Principal Amount, Stated Maturity and Maturity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise stated, the principal
amount of a debt security means the principal amount payable at its stated maturity, unless that amount is not determinable, in
which case the principal amount of a debt security is its face amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The term &ldquo;stated maturity&rdquo;
with respect to any debt security means the day on which the principal amount of the debt security is scheduled to become due.
The principal may become due sooner, by reason of redemption or acceleration after a default or otherwise in accordance with the
terms of the debt security. The day on which the principal actually becomes due, whether at the stated maturity or earlier, is
called the &ldquo;maturity&rdquo; of the principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We also use the terms &ldquo;stated maturity&rdquo;
and &ldquo;maturity&rdquo; to refer to the days when other payments become due. For example, we may refer to a regular interest
payment date when an installment of interest is scheduled to become due as the &ldquo;stated maturity&rdquo; of that installment.
When we refer to the &ldquo;stated maturity&rdquo; or the &ldquo;maturity&rdquo; of a debt security without specifying a particular
payment, we mean the stated maturity or maturity, as the case may be, of the principal.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Specific Terms of Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The applicable prospectus supplement
will describe the specific terms of the debt securities, which will include some or all of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the title of the series and whether it is a senior debt security or a subordinated debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any limit on the total principal amount of the debt securities of the same series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the stated maturity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the currency or currencies for principal and interest, if not U.S. dollars;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the price at which we originally issue the debt security, expressed as a percentage of the principal amount, and the original
issue date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>whether the debt security is a fixed rate debt security, a floating rate debt security or an indexed debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if the debt security is a fixed rate debt security, the yearly rate at which the debt security will bear interest, if any,
and the interest payment dates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if the debt security is a floating rate debt security, the interest rate basis; any applicable index currency or index maturity,
spread or spread multiplier or initial base rate, maximum rate or minimum rate; the interest reset, determination, calculation
and payment dates; the day count convention used to calculate interest payments for any period; the business day convention; and
the calculation agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if the debt security is an indexed debt security, the principal amount, if any, we will pay at maturity, interest payment dates,
the amount of interest, if any, we will pay on an interest payment date or the formula we will use to calculate these amounts,
if any, and the terms on which the debt security will be exchangeable for or payable in cash, securities or other property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if the debt security may be converted into or exercised or exchanged for common or preferred stock or other securities of the
company, the terms on which conversion, exercise or exchange may occur, including whether conversion, exercise or exchange is mandatory,
at the option of the holder or at our option, the period during which conversion, exercise or exchange may occur, the initial conversion,
exercise or exchange price or rate and the circumstances or manner in which the amount of common or preferred stock or other securities
issuable upon conversion, exercise or exchange may be adjusted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if the debt security is also an original issue discount debt security, the yield to maturity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if applicable, the circumstances under which the debt security may be redeemed at our option or repaid at the holder&rsquo;s
option before the stated maturity, including any redemption commencement date, repayment date(s), redemption price(s) and redemption
period(s);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the authorized denominations, if other than $1,000 and integral multiples of $1,000;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the depositary for the debt security, if other than The Depository Trust Company (&ldquo;DTC&rdquo;), and any circumstances
under which the holder may request securities in non-global form, if we choose not to issue the debt security in book-entry form
only;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if applicable, the circumstances under which we will pay additional amounts on any debt securities held by a person who is
not a United States person for tax purposes and under which we can redeem the debt securities if we have to pay additional amounts;</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the assets, if any, that will be pledged as security for the payment of the debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the names and duties of any co-trustees, depositaries, authenticating agents, paying agents, transfer agents or registrars
for the debt security, as applicable; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any other terms of the debt security which could be different from those described in this prospectus.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The indentures and the debt securities
will be governed by the laws of the State of New York, without regard to conflicts of laws principles thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Form of Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will issue each debt security only
in registered form, without coupons, unless we specify otherwise in the applicable prospectus supplement. In addition, we will
issue each debt security in global&mdash;<I>i.e.,</I> book-entry&mdash;form only, unless we specify otherwise in the applicable
prospectus supplement. Debt securities in book-entry form will be represented by a global security registered in the name of a
depositary, which will be the holder of all the debt securities represented by the global security. Those who own beneficial interests
in a global debt security will do so through participants in the depositary&rsquo;s securities clearance system, and the rights
of these indirect owners will be governed solely by the applicable procedures of the depositary and its participants. References
to &ldquo;holders&rdquo; in this section mean those who own debt securities registered in their own names, on the books that we
or the trustee maintain for this purpose, and not those who own beneficial interests in debt securities registered in street name
or in debt securities issued in book-entry form through one or more depositaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise indicated in the relevant
prospectus supplement, the following is a summary of the depositary arrangements applicable to debt securities issued in global
form and for which DTC acts as depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each global debt security will be deposited
with, or on behalf of, DTC, as depositary, or its nominee, and registered in the name of a nominee of DTC. Except under the limited
circumstances described below, global debt securities are not exchangeable for definitive certificated debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Ownership of beneficial interests in
a global debt security is limited to institutions that have accounts with DTC or its nominee, or persons that may hold interests
through those participants. In addition, ownership of beneficial interests by participants in a global debt security will be evidenced
only by, and the transfer of that ownership interest will be effected only through, records maintained by DTC or its nominee for
a global debt security. Ownership of beneficial interests in a global debt security by persons that hold those interests through
participants will be evidenced only by, and the transfer of that ownership interest within that participant will be effected only
through, records maintained by that participant. DTC has no knowledge of the actual beneficial owners of the debt securities. Beneficial
owners will not receive written confirmation from DTC of their purchase, but beneficial owners are expected to receive written
confirmations providing details of the transaction, as well as periodic statements of their holdings, from the participants through
which the beneficial owners entered the transaction. The laws of some jurisdictions require that certain purchasers of securities
take physical delivery of securities they purchase in definitive form. These laws may impair a holder&rsquo;s ability to transfer
beneficial interests in a global debt security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will make payment of principal of,
and interest on, debt securities represented by a global debt security registered in the name of or held by DTC or its nominee
to DTC or its nominee, as the case may be, as the registered owner and holder of the global debt security representing those debt
securities. DTC has advised us that upon receipt of any payment of principal of, or interest on, a global debt security, DTC immediately
will credit accounts of participants on its book-entry registration and transfer system with payments in amounts proportionate
to their respective interests in the principal amount of that global debt security, as shown in the records of DTC. Payments by
participants to owners of beneficial interests in a global debt security held through those participants will be governed by standing
instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered
in &ldquo;street name,&rdquo; and will be the sole responsibility of those participants, subject to any statutory or regulatory
requirements that may be in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Neither we, any trustee nor any of our
respective agents will be responsible for any aspect of the records of DTC, any nominee or any participant relating to, or payments
made on account of, beneficial interests in a permanent global debt security or for maintaining, supervising or reviewing any of
the records of DTC, any nominee or any participant relating to such beneficial interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A global debt security is exchangeable
for definitive debt securities registered in the name of, and a transfer of a global debt security may be registered to, any person
other than DTC or its nominee, only if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>DTC notifies us that it is unwilling or unable to continue as depositary for that global security or has ceased to be a registered
clearing agency and we do not appoint another institution to act as depositary within 90 days; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>we notify the trustee that we wish to terminate that global security.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any global debt security that is exchangeable
pursuant to the preceding sentence will be exchangeable in whole for definitive debt securities in registered form, of like tenor
and of an equal aggregate principal amount as the global debt security, in denominations specified in the applicable prospectus
supplement, if other than $1,000 and multiples of $1,000. The definitive debt securities will be registered by the registrar in
the name or names instructed by DTC. We expect that these instructions may be based upon directions received by DTC from its participants
with respect to ownership of beneficial interests in the global debt security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as provided above, owners of the
beneficial interests in a global debt security will not be entitled to receive physical delivery of debt securities in definitive
form and will not be considered the holders of debt securities for any purpose under the indentures. No global debt security shall
be exchangeable except for another global debt security of like denomination and tenor to be registered in the name of DTC or its
nominee. Accordingly, each person owning a beneficial interest in a global debt security must rely on the procedures of DTC and,
if that person is not a participant, on the procedures of the participant through which that person owns its interest, to exercise
any rights of a holder under the global debt security or the indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We understand that, under existing industry
practices, in the event that we request any action of holders, or an owner of a beneficial interest in a global debt security desires
to give or take any action that a holder is entitled to give or take under the debt securities or the indentures, DTC would authorize
the participants holding the relevant beneficial interests to give or take that action. Additionally, those participants would
authorize beneficial owners owning through those participants to give or take that action or would otherwise act upon the instructions
of beneficial owners owning through them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">DTC has advised us as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>DTC is:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a limited-purpose trust company organized under the New York Banking Law,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a member of the Federal Reserve System,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>a &ldquo;clearing agency&rdquo; registered under Section 17A of the Exchange Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>DTC was created to hold securities of its participants and to facilitate the clearance and settlement of securities transactions
among its participants in those securities through electronic book-entry changes in accounts of the participants, thereby eliminating
the need for physical movement of securities certificates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>DTC&rsquo;s participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain
other organizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>DTC is a wholly owned subsidiary of The Depository Trust &amp; Clearing Corporation, or &ldquo;DTCC,&rdquo; which is the holding
company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing
agencies and DTCC is owned by the users of its regulated subsidiaries; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Access to DTC&rsquo;s book-entry system is also available to others, such as banks, brokers, dealers and trust companies that
clear through or maintain a custodial relationship with a participant, either directly or indirectly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The rules applicable to DTC and its participants
are on file with the SEC. The information in this section concerning DTC and DTC&rsquo;s book-entry system has been obtained from
sources that we believe to be accurate, but we assume no responsibility for the accuracy thereof.&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Redemption or Repayment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If there are any provisions regarding
redemption or repayment applicable to a debt security, we will describe them in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We or our affiliates may purchase debt
securities from investors who are willing to sell from time to time, either in the open market at prevailing prices or in private
transactions at negotiated prices. Debt securities that we or they purchase may, at our discretion, be held, resold or cancelled.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Mergers and Similar Transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are generally permitted under the
indenture for the relevant series to merge or consolidate with another corporation or other entity. We are also permitted under
the indenture for the relevant series to sell all or substantially all of our assets to another corporation or other entity. With
regard to any series of debt securities, however, we may not take any of the foregoing actions unless all the following conditions,
among other things, are met.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>If the successor entity in the transaction is not the Company, the successor entity must expressly assume our obligations under
the debt securities of that series and the indenture with respect to that series. The successor entity may be organized and existing
under the laws of the United States, any State thereof or the District of Columbia.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Immediately after the transaction, no default under the debt securities of that series has occurred and is continuing. For
this purpose, &ldquo;default under the debt securities of that series&rdquo; means an event of default with respect to that series
or any event that would be an event of default with respect to that series if the requirements for giving us default notice and
for our default having to continue for a specific period of time were disregarded. We describe these matters below under &ldquo;&mdash;Default,
Remedies and Waiver of Default.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the conditions described above are
satisfied with respect to the debt securities of any series, we will not need to obtain the approval of the holders of those debt
securities in order to merge or consolidate or to sell our assets. Also, these conditions will apply only if we wish to merge or
consolidate with another entity or sell all or substantially all of our assets to another entity. We will not need to satisfy these
conditions if we enter into other types of transactions, including any transaction in which we acquire the stock or assets of another
entity, any transaction that involves a change of control of the Company but in which we do not merge or consolidate and any transaction
in which we sell less than substantially all our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If we sell all or substantially all of
our assets, we will be released from all our liabilities and obligations under the debt securities of any series and the indenture
with respect to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Subordination Provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Holders of subordinated debt securities
should recognize that contractual provisions in the subordinated debt indenture may prohibit us from making payments on those securities.
Subordinated debt securities are subordinate and junior in right of payment, to the extent and in the manner stated in the subordinated
debt indenture, to all of our senior debt, as defined in the subordinated debt indenture, including all debt securities we have
issued and will issue under the senior debt indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The subordinated debt indenture defines
&ldquo;senior debt&rdquo; as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>our indebtedness under or in respect of our credit agreement, whether for principal, interest (including interest accruing
after the filing of a petition initiating any proceeding pursuant to any bankruptcy law, whether or not the claim for such interest
is allowed as a claim in such proceeding), reimbursement obligations, fees, commissions, expenses, indemnities or other amounts;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any other indebtedness permitted under the terms of that indenture, unless the instrument under which such indebtedness is
incurred expressly provides that it is on a parity with or subordinated in right of payment to the subordinated debt securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Notwithstanding the foregoing, &ldquo;senior
debt&rdquo; will not include: (i) equity interests; (ii) any liability for taxes; (iii) any trade payables; (iv) any indebtedness
to any subsidiaries or affiliates; or (v) any indebtedness incurred in violation of the subordinated debt indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may modify the subordination provisions,
including the definition of senior debt, with respect to one or more series of subordinated debt securities. Such modifications
will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The subordinated debt indenture provides
that, unless all principal of and any premium or interest on the senior debt has been paid in full, no payment or other distribution
may be made in respect of any subordinated debt securities in the following circumstances:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>in the event of any insolvency or bankruptcy proceedings, or any receivership, liquidation, reorganization, assignment for
creditors or other similar proceedings or events involving us or our assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>(a) in the event and during the continuation of any default in the payment of principal, premium or interest on any senior
debt beyond any applicable grace period or (b) in the event that any event of default with respect to any senior debt has occurred
and is continuing, permitting the holders of that senior debt (or a trustee) to accelerate the maturity of that senior debt, whether
or not the maturity is in fact accelerated (unless, in the case of (a) or (b), the payment default or event of default has been
cured or waived or ceased to exist and any related acceleration has been rescinded) or (c) in the event that any judicial proceeding
is pending with respect to a payment default or event of default described in (a) or (b); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>in the event that any subordinated debt securities have been declared due and payable before their stated maturity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the trustee under the subordinated
debt indenture or any holders of the subordinated debt securities receive any payment or distribution that is prohibited under
the subordination provisions, then the trustee or the holders will have to repay that money to the holders of the senior debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Even if the subordination provisions
prevent us from making any payment when due on the subordinated debt securities of any series, we will be in default on our obligations
under that series if we do not make the payment when due. This means that the trustee under the subordinated debt indenture and
the holders of that series can take action against us, but they will not receive any money until the claims of the holders of senior
debt have been fully satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The subordinated debt indenture allows
the holders of senior debt to obtain a court order requiring us and any holder of subordinated debt securities to comply with the
subordination provisions.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Defeasance, Covenant Defeasance and Satisfaction and
Discharge</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">When we use the term defeasance, we mean
discharge from some or all of our obligations under the indenture. If we deposit with the trustee funds or government securities
(or a combination thereof), or if so provided in the applicable prospectus supplement, obligations other than government securities,
sufficient to make payments on any series of debt securities on the dates those payments are due and payable and other specified
conditions are satisfied, then, at our option, either of the following will occur:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>we will be discharged from our obligations with respect to the debt securities of such series (&ldquo;legal defeasance&rdquo;);
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>we will be discharged from any covenants we make in the applicable indenture for the benefit of such series and the related
events of default will no longer apply to us (&ldquo;covenant defeasance&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If we defease any series of debt securities,
the holders of such securities will not be entitled to the benefits of the indenture, except for our obligations to register the
transfer or exchange of such securities, replace stolen, lost or mutilated securities or maintain paying agencies and hold moneys
for payment in trust. In case of covenant defeasance, our obligation to pay principal, premium and interest on the applicable series
of debt securities will also survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will be required to deliver to the
trustee an opinion of counsel that the deposit and related defeasance would not cause the holders of the applicable series of debt
securities to recognize gain or loss for federal income tax purposes. If we elect legal defeasance, that opinion of counsel must
be based upon a ruling from the United States Internal Revenue Service or a change in law to that effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, we may satisfy and discharge
all our obligations under the indenture with respect to debt securities of any series, other than our obligation to register the
transfer of and exchange debt securities of that series, provided that we either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>deliver all outstanding debt securities of that series to the trustee for cancellation; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>all such debt securities not so delivered for cancellation have either become due and payable or will become due and payable
at their stated maturity within one year or are to be called for redemption within one year, and in the case of this bullet point,
we have deposited with the trustee in trust an amount of cash sufficient to pay the entire indebtedness of such debt securities,
including interest to the stated maturity or applicable redemption date.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Default, Remedies and Waiver of Default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise specified in the applicable
prospectus supplement, when we refer to an event of default with respect to any series of debt securities, we mean any of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>we do not pay the principal, premium or sinking fund payment, if any, on any debt security of that series when due at its stated
maturity, upon optional redemption, upon required purchase, upon declaration of acceleration or otherwise and the time for payment
has not been extended or deferred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>we do not pay interest on any debt security of that series within 90 days after the due date and the time for payment has not
been extended or deferred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>we fail to comply for 90 days after notice with the other agreements and covenants contained in the indenture, which notice
must be sent by the trustee or the holders of at least 30% in principal amount of the relevant series of debt securities;</TD></TR></TABLE>

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>we file for bankruptcy or other events of bankruptcy, insolvency or reorganization relating to us occur; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if the applicable prospectus supplement states that any additional event of default applies to the series, that event of default
occurs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may change, eliminate, or add to the
events of default with respect to any particular series or any particular debt security or debt securities within a series, as
indicated in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If you are the holder of a subordinated
debt security, all the remedies available upon the occurrence of an event of default under the subordinated debt indenture will
be subject to the restrictions on the subordinated debt securities described above under &ldquo;&mdash;Subordination Provisions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as otherwise specified in the
applicable prospectus supplement, if an event of default has occurred with respect to any series of debt securities and has not
been cured or waived, the trustee or the holders of not less than 30% in principal amount of all debt securities of that series
then outstanding may declare the entire principal amount of the debt securities of that series to be due immediately. Except as
otherwise specified in the applicable prospectus supplement, if the event of default occurs because of events in bankruptcy, insolvency
or reorganization relating to us, the entire principal amount of the debt securities of that series will be automatically accelerated,
without any action by the trustee or any holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each of the situations described above
may result in an acceleration of the stated maturity of the affected series of debt securities. Except as otherwise specified in
the applicable prospectus supplement, if the stated maturity of any series is accelerated and a judgment for payment has not yet
been obtained, the holders of a majority in principal amount of the debt securities of that series may cancel the acceleration
for the entire series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If an event of default occurs, the trustee
will have special duties. In that situation, the trustee will be obligated to use those of its rights and powers under the relevant
indenture, and to use the same degree of care and skill in doing so, that a prudent person would use in that situation in conducting
his or her own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as described in the prior paragraph,
the trustee is not required to take any action under the relevant indenture at the request of any holders unless the holders offer
the trustee protection satisfactory to it from loss, liability or expense. These holders may also direct the trustee in performing
any other action under the relevant indenture with respect to the debt securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as otherwise specified in the
applicable prospectus supplement, before a holder may take steps to enforce its rights or protect its interests relating to any
debt security, all of the following must occur:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the holder must give the trustee written notice that an event of default has occurred with respect to the debt securities of
the series, and the event of default must not have been cured or waived;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the holders of at least 30% in principal amount of all debt securities of the series must request that the trustee take action
because of the default, and they or other holders must offer to the trustee indemnity reasonably satisfactory to the trustee against
the cost and other liabilities of taking that action;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the trustee must not have taken action for 90 days after the above steps have been taken; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>during those 90 days, the holders of a majority in principal amount of the debt securities of the series must not have given
the trustee directions that are inconsistent with such request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Book-entry and other indirect owners
should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and
how to declare or cancel an acceleration of the maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Waiver of Default.</I></B> Except
as otherwise specified in the applicable prospectus supplement, the holders of a majority in principal amount of the debt securities
of any series may by notice to the trustee waive an existing default and its consequences for all debt securities of that series
except (i) a default in the payment of the principal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">of or interest on a debt security, (ii) a default arising from the failure
to redeem or purchase any debt security when required pursuant to the indenture or (iii) a default in respect of a provision that
under the indenture cannot be amended without the consent of each securityholder affected. If a waiver occurs, the default is deemed
cured, but no such waiver shall extend to any subsequent or other default or impair any consequent right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Annual Information about Defaults
to the Trustee. </I></B> We will furnish each trustee every year a certificate indicating whether the signers thereof know of any
default that occurred in the previous year.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Modifications and Waivers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Changes Requiring Each Holder&rsquo;s
Approval. </I></B> Except as otherwise specified in the applicable prospectus supplement, we and the trustee may amend the indentures
or the debt securities with the written consent of the holders of at least a majority in principal amount of the debt securities
then outstanding. However, without the consent of each securityholder affected thereby, an amendment or waiver may not, except
as otherwise specified in the applicable prospectus supplement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>reduce the amount of debt securities whose holders must consent to an amendment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>reduce the rate of, or extend the time for payment of, the interest on any debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>reduce the principal of or change the stated maturity on any debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>reduce the amount payable upon redemption of any debt security or change the time at which any debt security may be redeemed
as described in the applicable indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>permit redemption of a debt security if not previously permitted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>change the currency of any payment on a debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>impair the right of any holder of a debt security to institute suit for the enforcement of any payment on or with respect to
such holder&rsquo;s debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>change the amendment provisions which require each holder&rsquo;s consent or in the waiver provisions; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>change the ranking or priority of any debt security that would adversely affect the securityholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Changes Not Requiring Approval.</I></B>
We and the trustee may amend the indentures or the debt securities without notice to or consent of any securityholder:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to cure any ambiguity, omission, defect or inconsistency;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to provide for the assumption by a successor corporation of the obligations of the Company under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to provide for uncertificated debt securities in addition to or in place of certificated debt securities (provided that the
uncertificated debt securities are issued in registered form for United States federal income tax purposes);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to add to the covenants of the Company for the benefit of the holders of the debt securities or to surrender any right or power
conferred upon the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to make any change that does not adversely affect the rights of any holder of the debt securities in any material respect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to comply with any requirement of the SEC in connection with the qualification of the indenture under the Trust Indenture Act
of 1939, as amended (the &ldquo;TIA&rdquo;); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>to make any amendment to the provisions of the indenture relating to the transfer and legending of debt securities; provided,
however, that (a) compliance with the indenture as so amended would not result in debt securities being transferred in violation
of the Securities Act or any other applicable securities law and (b) such amendment does not materially and adversely affect the
rights of holders to transfer debt securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Modification of Subordination Provisions.
</I></B> We may not amend the indenture related to subordinated debt securities to alter the subordination of any outstanding subordinated
debt securities without the written consent of each holder of senior debt then outstanding who would be adversely affected (or
the group or representative thereof authorized or required to consent thereto pursuant to the instrument creating or evidencing,
or pursuant to which there is outstanding, such senior debt). In addition, we may not modify the subordination provisions of the
indenture related to subordinated debt securities in a manner that would adversely affect the subordinated debt securities of any
one or more series then outstanding in any material respect, without the consent of the holders of a majority in aggregate principal
amount of all affected series then outstanding, voting together as one class (and also of any affected series that by its terms
is entitled to vote separately as a series, as described below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Book-entry and other indirect owners
should consult their banks or brokers for information on how approval may be granted or denied if we seek to change an indenture
or any debt securities or request a waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Changes Requiring Majority Approval.
</I></B> Any other change to a particular indenture and the debt securities issued under that indenture would require the following
approval:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if the change affects only particular debt securities within a series issued under the applicable indenture, it must be approved
by the holders of a majority in principal amount of such particular debt securities; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>if the change affects debt securities of more than one series issued under the applicable indenture, it must be approved by
the holders of a majority in principal amount of all debt securities of all such series affected by the change, with all such affected
debt securities voting together as one class for this purpose and such affected debt securities of any series potentially comprising
fewer than all debt securities of such series, in each case, except as may otherwise be provided pursuant to such indenture for
all or any particular debt securities of any series. This means that modification of terms with respect to certain securities of
a series could be effectuated without obtaining the consent of the holders of a majority in principal amount of other securities
of such series that are not affected by such modification.</TD></TR></TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Special Rules for Action by Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Only holders of outstanding debt securities
of the applicable series will be eligible to take any action under the applicable indenture, such as giving a notice of default,
declaring an acceleration, approving any change or waiver or giving the trustee an instruction with respect to debt securities
of that series. Also, we will count only outstanding debt securities in determining whether the various percentage requirements
for taking action have been met. Any debt securities owned by us or any of our affiliates or surrendered for cancellation or for
payment or redemption of which money has been set aside in trust are not deemed to be outstanding. Any required approval or waiver
must be given by written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In some situations, we may follow special
rules in calculating the principal amount of debt securities that are to be treated as outstanding for the purposes described above.
This may happen, for example, if the principal amount is payable in a non-U.S. dollar currency, increases over time or is not to
be fixed until maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will generally be entitled to set
any day as a record date for the purpose of determining the holders that are entitled to take action under either indenture. In
certain limited circumstances, only the trustee will be entitled to set a record date for action by holders. If we or the trustee
sets a record date for an approval or other action to be taken by holders, that vote or action may be taken only by persons or
entities who are holders on the record date and must be taken during the period that we specify for this purpose, or that the trustee
specifies if it sets the record date. We or the trustee, as applicable, may shorten or lengthen this period from time to time.
This period, however, may not extend beyond the 180th day after the record date for the action. In addition, record dates for any
global debt security may be set in accordance with procedures established by the depositary from time to time. Accordingly, record
dates for global debt securities may differ from those for other debt securities.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Form, Exchange and Transfer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If any debt securities cease to be issued
in registered global form, they will be issued only in fully registered form, without interest coupons and, unless we indicate
otherwise in the applicable prospectus supplement, in denominations of $1,000 and integral multiples of $1,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Holders may exchange their debt securities
for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total
principal amount is not changed. Holders may not exchange debt securities for securities of a different series or having different
terms, unless permitted by the terms of that series and described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Holders may exchange or transfer their
debt securities at the office of the trustee. They may also replace lost, stolen, destroyed or mutilated debt securities at that
office. We have appointed the trustee to act as our agent for registering debt securities in the names of holders and transferring
and replacing debt securities. We may appoint another entity to perform these functions or perform them ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Holders will not be required to pay a
service charge to transfer or exchange their debt securities, but they may be required to pay for any tax or other governmental
charge associated with the exchange or transfer. The transfer or exchange, and any replacement, will be made only if our transfer
agent is satisfied with the holder&rsquo;s proof of legal ownership. The transfer agent may require an indemnity before replacing
any debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If we have designated additional transfer
agents for a debt security, they will be named in the applicable prospectus supplement. We may appoint additional transfer agents
or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer
agent acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the debt securities of any series
are redeemable and we redeem less than all those debt securities, we may block the transfer or exchange of those debt securities
during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order
to freeze the list of holders to prepare the mailing. We may also refuse to register transfers of or exchange any debt security
selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security
being partially redeemed.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If a debt security is issued as a global
debt security, only DTC or other depositary will be entitled to transfer and exchange the debt security as described in this subsection,
since the depositary will be the sole holder of the debt security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The rules for exchange described above
apply to exchange of debt securities for other debt securities of the same series and kind. If a debt security is convertible,
exercisable or exchangeable into or for a different kind of security, such as one that we have not issued, or for other property,
the rules governing that type of conversion, exercise or exchange will be described in the applicable prospectus supplement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Payments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will pay interest, principal and other
amounts payable with respect to the debt securities of any series to the holders of record of those debt securities as of the record
dates and otherwise in the manner specified below or in the prospectus supplement for that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will make payments on a global debt
security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we
will pay directly to the depositary, or its nominee, and not to any indirect owners who own beneficial interests in the global
debt security. An indirect owner&rsquo;s right to receive those payments will be governed by the rules and practices of the depositary
and its participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will make payments on a debt security
in non-global, registered form as follows. We will pay interest that is due on an interest payment date by check mailed on the
interest payment date to the holder at his or her address shown on the trustee&rsquo;s records as of the close of business on
the regular record date. We will make all other</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">payments by check at the paying agent described below, against surrender of the
debt security. All payments by check will be made in next-day funds&mdash;i.e., funds that become available on the day after the
check is cashed.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Book-entry and other indirect owners
should consult their banks or brokers for information on how they will receive payments on their debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Regardless of who acts as paying agent,
all money paid by us to a paying agent that remains unclaimed at the end of two years after the amount is due to a holder will
be repaid to us. After that two-year period, the holder may look only to us for payment and not to the trustee, any other paying
agent or anyone else.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Paying Agents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may appoint one or more financial
institutions to act as our paying agents, at whose designated offices debt securities in non-global entry form may be surrendered
for payment at their maturity. We call each of those offices a paying agent. We may add, replace or terminate paying agents from
time to time. We may also choose to act as our own paying agent. We will specify in the applicable prospectus supplement for each
debt security the initial location of each paying agent for that debt security. We must notify the trustee of changes in the paying
agents.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Notices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Notices to be given to holders of a global
debt security will be given only to the depositary in accordance with its applicable policies as in effect from time to time. Notices
to be given to holders of debt securities not in global form will be sent by mail to the respective addresses of the holders as
they appear in the trustee&rsquo;s records, and will be deemed given when mailed. Neither the failure to give any notice to a particular
holder, nor any defect in a notice given to a particular holder, will affect the sufficiency of any notice given to another holder.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Book-entry and other indirect owners
should consult their banks or brokers for information on how they will receive notices.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Our Relationship With the Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The prospectus supplement for any debt
security will describe any material relationships we may have with the trustee with respect to that debt security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The same financial institution may initially
serve as the trustee for our senior debt securities and subordinated debt securities. Consequently, if an actual or potential event
of default occurs with respect to any of these securities, the trustee may be considered to have a conflicting interest for purposes
of the TIA. In that case, the trustee may be required to resign under one or more of the indentures and we would be required to
appoint a successor trustee. For this purpose, a &ldquo;potential&rdquo; event of default means an event that would be an event
of default if the requirements for giving us default notice or for the default having to exist for a specific period of time were
disregarded.</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><A NAME="a_012"></A>DESCRIPTION OF DEPOSITARY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may offer depositary shares, which
will be evidenced by depositary receipts representing fractional interests in shares of preferred stock of any series. In connection
with the issuance of any depositary shares, we will enter into a deposit agreement with a depositary, which will be named in the
applicable prospectus supplement. The following briefly summarizes the material provisions of the deposit agreement and of the
depositary shares and depositary receipts, other than pricing and related terms disclosed for a particular issuance in the applicable
prospectus supplement. This description is not complete and is subject to, and qualified in its entirety by reference to, all provisions
of the applicable deposit agreement, depositary shares and depositary receipts.&nbsp;You should read the particular terms of any
depositary shares and any depositary receipts that are offered and any deposit agreement relating to a particular series of preferred
stock described in more detail in a prospectus supplement. The prospectus supplement will also state whether any of the generalized
provisions summarized below do not apply to the depositary shares or depositary receipts being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may, at our option, elect to offer
fractional shares of preferred stock, rather than full shares of preferred stock. In such event, we will issue receipts for depositary
shares, each of which will represent a fraction of a share of a particular series of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The shares of any series of preferred
stock represented by depositary shares will be deposited under a deposit agreement between us and the depositary we select. Each
owner of a depositary share will be entitled to all the rights and preferences of the underlying preferred stock, including any
dividend, voting, redemption, conversion and liquidation rights described in the particular prospectus supplement, in proportion
to the applicable fraction of a share of preferred stock represented by such depositary share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The depositary shares will be evidenced
by depositary receipts issued pursuant to the deposit agreement. Depositary receipts will be distributed to those persons purchasing
the fractional shares of preferred stock in accordance with the terms of the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Dividends and Other Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The preferred stock depositary
will distribute all cash dividends or other cash distributions received in respect of the deposited preferred stock to the record
holders of depositary shares relating to the preferred stock in proportion to the number of depositary shares owned by the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">In the case of a distribution
other than in cash, the preferred stock depositary will distribute any property received by it other than cash to the record holders
of depositary shares entitled to receive it. If the preferred stock depositary determines that it is not feasible to make such
a distribution, it may, with our approval, sell the property and distribute the net proceeds from the sale to the holders of the
depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The amounts distributed
in any such distribution, whether in cash or otherwise, will be reduced by any amount required to be withheld by us or the preferred
stock depositary on account of taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Redemption, Conversion and Exchange of
Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">If a series of preferred
stock represented by depositary shares is to be redeemed, the depositary shares will be redeemed from the proceeds received by
the preferred stock depositary resulting from the redemption, in whole or in part, of that series of preferred stock. The depositary
shares will be redeemed by the preferred stock depositary at a price per depositary share equal to the applicable fraction of the
redemption price per share payable in respect of the shares of preferred stock redeemed.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Whenever we redeem shares
of preferred stock held by the preferred stock depositary, the preferred stock depositary will redeem as of the same date the number
of depositary shares representing shares of preferred stock redeemed. If fewer than all the depositary shares are to be redeemed,
the depositary shares to be redeemed will be selected by the preferred stock depositary by lot or ratably or by any other equitable
method, in each case as we may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">If a series of preferred
stock represented by depositary shares is to be converted or exchanged, the holder of depositary receipts representing the shares
of preferred stock being converted or exchanged will have the right or obligation to convert or exchange the depositary shares
evidenced by the depositary receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">After the redemption,
conversion or exchange date, the depositary shares called for redemption, conversion or exchange will no longer be outstanding.
When the depositary shares are no longer outstanding, all rights of the holders will end, except the right to receive money, securities
or other property payable upon redemption, conversion or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Voting Deposited Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Upon receipt of notice
of any meeting at which the holders of any series of deposited preferred stock are entitled to vote, the preferred stock depositary
will mail the information contained in the notice of meeting to the record holders of the depositary receipts evidencing the depositary
shares relating to that series of preferred stock. Each record holder of the depositary receipts on the record date will be entitled
to instruct the preferred stock depositary to vote the amount of the preferred stock represented by the holder's depositary shares.
The preferred stock depositary will try, if practical, to vote the amount of such series of preferred stock represented by such
depositary shares in accordance with such instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We will agree to take
all reasonable actions that the preferred stock depositary determines are necessary to enable the preferred stock depositary to
vote as instructed. The preferred stock depositary will abstain from voting shares of any series of preferred stock held by it
for which it does not receive specific instructions from the holders of depositary shares representing those preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Amendment and Termination of Deposit Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The form of depositary
receipt evidencing the depositary shares and any provision of the deposit agreement may at any time be amended by agreement between
us and the preferred stock depositary. However, any amendment that materially and adversely alters any existing right of the holders
of depositary receipts will not be effective unless the amendment has been approved by the holders of depositary receipts representing
at least a majority of the depositary shares then outstanding. Every holder of an outstanding depositary receipt at the time any
such amendment becomes effective will be deemed, by continuing to hold the depositary receipt, to consent and agree to the amendment
and to be bound by the deposit agreement, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We may direct the preferred
stock depositary to terminate the deposit agreement at any time by mailing notice of termination to the record holders of the depositary
receipts then outstanding at least 30 days prior to the date fixed for termination. Upon termination, the preferred stock depositary
will deliver to each holder of depositary receipts, upon surrender of those receipts, such number of whole shares of the series
of preferred stock represented by the depositary shares together with cash in lieu of any fractional shares, to the extent we have
deposited cash for payment in lieu of fractional shares with the preferred stock depositary. In addition, the deposit agreement
will automatically terminate if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>all of the shares of the preferred stock deposited with the preferred stock depositary have been withdrawn, redeemed, converted
or exchanged; or &nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>there has been a final distribution in respect of the deposited preferred stock in connection with our liquidation, dissolution
or winding up. &nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.75in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12"><B>Charges of Preferred Stock Depositary;
Taxes and Other Governmental Charges</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">We will pay all transfer
and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We also will pay charges
of the preferred stock depositary in connection with the initial deposit of preferred stock and any redemption of preferred stock.
Holders of depositary receipts will pay other transfer and other taxes and governmental charges and such other charges, including
a fee for the withdrawal of shares of preferred stock upon surrender of depositary receipts, as are expressly provided in the deposit
agreement to be for their accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Prospective purchasers
of depositary shares should be aware that special tax, accounting and other issues may be applicable to instruments such as depositary
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Resignation and Removal of Depositary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The preferred stock depositary
may resign at any time by delivering to us notice of its intent to do so, and we may at any time remove the preferred stock depositary,
any such resignation or removal to take effect upon the appointment of a successor preferred stock depositary meeting the requirements
specified in the deposit agreement and its acceptance of such appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">The preferred stock depositary
will forward all reports and communications from us that are delivered to the preferred stock depositary and that we are required
to furnish to the holders of the deposited preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Neither we nor the preferred
stock depositary will be liable if we are or the preferred stock depositary is prevented or delayed by law or any circumstances
beyond our or its control in performing our or its obligations under the deposit agreement. Our obligations and the obligations
of the preferred stock depositary under the deposit agreement will be limited to performance in good faith of the duties under
the deposit agreement and we and the preferred stock depositary will not be obligated to prosecute or defend any legal proceeding
in respect of any depositary shares, depositary receipts or shares of preferred stock unless satisfactory indemnity is furnished.
We and the preferred stock depositary may rely upon written advice of counsel or accountants, or upon information provided by holders
of depositary receipts or other persons believed to be competent and on documents believed to be genuine.&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><A NAME="a_013"></A>DESCRIPTION OF PURCHASE CONTRACTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may issue purchase contracts, including
purchase contracts issued as part of a unit with one or more other securities, for the purchase or sale of our debt securities,
common stock, preferred stock or depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The price of our debt securities, or
the price per share of our common stock, preferred stock or depositary shares, as applicable, may be fixed at the time the purchase
contracts are issued or may be determined by reference to a specific formula contained in the purchase contracts. We may issue
purchase contracts in such amounts and in as many distinct series as we wish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The applicable prospectus supplement
may contain, where applicable, the following information about the purchase contracts issued under it:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><KBD STYLE="font-family: Times New Roman, Times, Serif">&bull;</KBD></TD><TD>whether the purchase contracts obligate the holder to purchase or sell, or both purchase and sell, our debt securities,
common stock, preferred stock or depositary shares, as applicable, and the nature and amount of each of those securities, or method
of determining those amounts; &nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>whether the purchase contracts are to be prepaid or not; &nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>whether the purchase contracts are to be settled by delivery, or by reference or linkage to the value, performance or level
of our debt securities, common stock, preferred stock or depositary shares; &nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any acceleration, cancellation, termination or other provisions relating to the settlement of the purchase contracts; and &nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>whether the purchase contracts will be issued in fully registered or global form. &nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The applicable prospectus supplement
will describe the terms of any purchase contracts. The preceding description and any description of purchase contracts in the applicable
prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by reference to the purchase
contract agreement and, if applicable, collateral arrangements and depositary arrangements relating to such purchase contracts.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_014"></A><B>USE OF PROCEEDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Except as otherwise set forth in a prospectus
supplement or in other offering materials we may use, we intend to use the net proceeds from the sale of our securities for general
corporate purposes, which may include loans, repayment or refinancing of indebtedness, capital expenditures and working capital.
Pending any of these uses, the net proceeds of a sale will be held in interest-bearing bank accounts or invested in readily marketable,
interest-bearing securities. The applicable prospectus supplement will provide more details on the use of proceeds of any specific
offering.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_015"></A>PLAN OF DISTRIBUTION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We may sell our securities in any number
of ways, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>through underwriters or dealers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>through agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD><FONT STYLE="font-size: 10pt">in &ldquo;at the market&rdquo; offerings, within the meaning of Rule 415(a)(4) under the Securities
Act, to or through a market maker or into an existing trading market on an exchange or otherwise;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>directly to one or more purchasers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>directly to our stockholders, including as a dividend or distribution or in a subscription rights offering; or &nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.6pt"></TD><TD STYLE="width: 18.35pt">&bull;</TD><TD>through a combination of any of these methods of sale.</TD></TR></TABLE>

<P STYLE="margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt">The prospectus supplement
with respect to a particular offering of securities will set forth the terms of the offering of such securities, including the
name or names of any underwriters, dealers or agents, the price at which such securities are offered, the proceeds to us from such
offering, any underwriting discounts and other items constituting underwriters&rsquo; compensation, any selling commissions to
dealers or agents, any discounts or concessions allowed or reallowed or paid to dealers or agents and any securities exchanges
on which such securities may be listed. Dealer and agents participating in offerings of our securities may be deemed to be &ldquo;underwriters&rdquo;
as that term is defined in the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Underwriters, dealers,
agents and other persons may be entitled, under agreements that they may enter into with us, to indemnification by us against certain
liabilities, including liabilities under the Securities Act, in connection with their participation in our offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">If we use underwriters
in the sale, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one
or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the
time of sale. The securities may be either offered to the public through underwriting syndicates represented by managing underwriters
or by underwriters without a syndicate. Any initial public offering price and any discounts or concessions allowed or reallowed
or paid to dealers may be changed from time to time. The applicable prospectus supplement will state any material relationships
between the underwriters and us and the nature of the underwriters&rsquo; obligation to take and pay for securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Securities also may be
offered directly by us or through agents designated by us from time to time. Any such agent will be named, and the terms of any
such agency (including any commissions payable by us to any such agent) will be set forth, in the prospectus supplement relating
to such securities. Unless otherwise indicated in such prospectus supplement, any such agent will act on a best efforts basis for
the period of its appointment. Agents named in a prospectus supplement may be deemed to be underwriters (within the meaning of
the Securities Act) of the securities described in such prospectus supplement and, under agreements which may be entered into with
us, may be entitled to indemnification by us against certain civil liabilities under the Securities Act or to contribution with
respect to payments which the agents may be required to make in respect of such liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">We may enter into derivative
or other hedging transactions with financial institutions. These financial institutions may in turn engage in sales of securities
to hedge their position, deliver this prospectus in connection with some or all of those sales and use the securities covered by
this prospectus to close out any short position created in connection with those sales. We may also sell securities short using
this prospectus and deliver securities covered by this prospectus to close out such short positions, or loan or pledge securities
to financial institutions that in turn may sell the securities using this prospectus. We may pledge or grant a security interest
in some or all of the securities covered by this prospectus to support a derivative or hedging position or other obligations and,
if we default in the performance of our obligations, the pledgees or secured parties may offer and sell the securities from time
to time pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0"></P>

<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 8pt; margin: 0pt"><A HREF="#TableOfContents" TITLE="TABLE OF CONTENTS">Table of Contents</A>&nbsp;</P><P STYLE="margin: 0pt; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Underwriters and agents
may be customers of, engage in transactions with, or perform services for, us and our subsidiaries in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">If so indicated in a
prospectus supplement, we will authorize underwriters, dealers or other agents of ours to solicit offers by certain specified entities
to purchase securities from us pursuant to contracts providing for payment and delivery at a future date. The obligations of any
purchaser under any such contract will not be subject to any conditions except those described in such prospectus supplement. Such
prospectus supplement will set forth the commissions payable for solicitations of such contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">Underwriters and agents
may from time to time purchase and sell securities in the secondary market, but are not obligated to do so, and there can be no
assurance that there will be a secondary market for the securities or liquidity in the secondary market if one develops. From time
to time, underwriters and agents may make a market in the securities but are not obligated to do so and may cease to do so at any
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">One or more firms, referred
to as &ldquo;remarketing firms,&rdquo; may also offer or sell the securities, if the prospectus supplement so indicates, in connection
with a remarketing arrangement upon their purchase. Remarketing firms will act as principals for their own accounts or as agents
for us. These remarketing firms will offer or sell the securities in accordance with a redemption or repayment pursuant to the
terms of the securities. The prospectus supplement will identify any remarketing firm and the terms of its agreement, if any,
with us and will describe the remarketing firm&rsquo;s compensation. Remarketing firms may be deemed to be underwriters in connection
with the securities they remarket. Remarketing firms may be entitled under agreements that may be entered into with us to indemnification
by us against certain civil liabilities, including liabilities under the Securities Act, and may be customers of, engage in transactions
with or perform services for us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 24.5pt; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_016"></A>EXPERTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">The audited consolidated financial
statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting incorporated
by reference in this prospectus and elsewhere in this registration statement have been so incorporated by reference in
reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm
as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B><A NAME="a_017"></A>LEGAL MATTERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">The legality of the securities to be
offered by us has been passed upon for us by Ledgewood, a professional corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 8pt; margin: 0pt"><A HREF="#TableOfContents" TITLE="TABLE OF CONTENTS">Table of Contents</A>&nbsp;</P><P STYLE="margin: 0pt; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 24pt; margin-bottom: 0"><IMG SRC="image_004.jpg" ALT="" STYLE="width: 275px; height: 86px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-size: 12pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>$100,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;4.750% Senior Notes due 2025</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I>Joint Book Running Managers</I></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 50%; vertical-align: middle">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 30px; width: 200px"></TD>
    <TD STYLE="text-align: center; width: 50%; vertical-align: middle"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 17px; width: 200px">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I>Co-Manager</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I><IMG SRC="image_003.jpg" ALT="" STYLE="height: 60px; width: 200px"></I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>August 10,
2020</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Section: nopagenumber; Options: NewSection Last; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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