<SEC-DOCUMENT>0000950159-20-000146.txt : 20200619
<SEC-HEADER>0000950159-20-000146.hdr.sgml : 20200619
<ACCEPTANCE-DATETIME>20200619160619
ACCESSION NUMBER:		0000950159-20-000146
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20200619
DATE AS OF CHANGE:		20200619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Customers Bancorp, Inc.
		CENTRAL INDEX KEY:			0001488813
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				272290659
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-239305
		FILM NUMBER:		20975680

	BUSINESS ADDRESS:	
		STREET 1:		1015 PENN AVENUE
		STREET 2:		SUITE 103
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
		BUSINESS PHONE:		484-359-7113

	MAIL ADDRESS:	
		STREET 1:		1015 PENN AVENUE
		STREET 2:		SUITE 103
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Customers 1st Bancorp, Inc.
		DATE OF NAME CHANGE:	20100408
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>cubi_s3.htm
<DESCRIPTION>CUSTOMERS BANCORP, INC. FORM S-3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on June 19, 2020 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-underline-style: double"><B><U>____________________________________________________________________________________________</U></B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_______________________________</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; text-align: center"><B>FORM S-3</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pennsylvania</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or Other Jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of Incorporation or Organization)</B></P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>27-2290659</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Identification Number)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1015 Penn Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 103</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Wyomissing, PA 19610</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(610) 933-2000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address, Including ZIP code, and Telephone
        Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_______________________________</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; text-align: center"><B>Jay S. Sidhu</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1015 Penn Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 103</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Wyomissing PA 19610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(610) 933-2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, Address, Including ZIP Code, and Telephone
Number, Including Area Code, of Agent For Service)</B></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; text-align: center">_______________________________</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><I>Copies to:</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stradley Ronon Stevens &amp; Young, LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2005 Market Street, Suite 2600<BR>
Philadelphia,&nbsp;PA 19103-7018<BR>
Telephone: (215) 564-8000</B></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">______________________________</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"><B>Approximate date of commencement of proposed sale to the public:</B>
From time to time after the effective date of this registration statement.</P>

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

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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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415
under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans,
check the following box.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&yacute;</FONT></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">If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744;</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">If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering.&nbsp;&nbsp;&#9744;</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">If this Form is a registration statement pursuant to General Instruction
I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e)
under the Securities Act, check the following box.&nbsp;&nbsp;&#9744;</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">If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant
to Rule 413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act.</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 STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&yacute;</FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
</TABLE>
<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">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for comply with any new or revised financial accounting standards provided
pursuant to Section 7(a)(2)(B) of Securities Act. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_______________________________</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; text-align: center"><B>CALCULATION OF REGISTRATION FEE</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 STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-top: black 1pt solid; border-right: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Title of each class of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>securities to be registered</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to&nbsp;be</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>registered<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>offering price</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>per&nbsp;unit<SUP>(1)(2)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>aggregate</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>offering&nbsp;price<SUP>(1)(2)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount&nbsp;of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>registration&nbsp;fee<SUP>(2)</SUP></B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B Non-Voting Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt Securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary Shares<B><SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units<B><SUP>(5)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$500,000,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$500,000,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$64,900<SUP>(3)</SUP></B></FONT></TD></TR>
</TABLE>
<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 STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not specified as to each class of securities to be registered pursuant to General Instruction II.D of Form S-3. Securities registered hereunder may be sold separately, together or in units with other securities registered hereby. Subject to Rule 462(b) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), in no event will the aggregate initial offering price of the securities issued under this Registration Statement exceed $500,000,000. Such amount represents the principal amount of any debt securities (or issue price, in the case of debt securities issued at an original issue discount), and the issue price of any common stock, preferred stock, depositary shares, warrants or units. This Registration Statement includes an indeterminate amount of securities registered hereunder as may be issuable from time to time upon conversion of, or in exchange for, or upon exercise of, convertible or exchangeable securities as may be offered pursuant to the prospectus filed with this Registration Statement. No separate consideration will be received for any securities registered hereunder that are issued upon conversion of, or in exchange for, or upon exercise of, as the case may be, convertible or exchangeable securities. This Registration Statement also covers any additional securities that may be offered or issued in connection with any stock split, stock dividend or pursuant to anti-dilution provisions of any of the securities. </FONT></TD></TR>
</TABLE>
<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 STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act, and exclusive of accrued interest and dividends, if any.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to Rule 415(a)(6) under the Securities Act, the securities hereunder include the unsold securities previously registered pursuant to the Registration Statement on Form S-3 originally filed on June 2, 2017 and declared effective on June 23, 2017, File Number 333-218483 (the &ldquo;Prior Registration Statement&rdquo;). The Prior Registration Statement registered the offer and sale of voting common stock, Class B non-voting common stock, preferred stock, debt securities, depositary shares, purchase contracts, warrants and units, having an aggregate initial offering price not to exceed $500,000,000, of which an aggregate of $300,250,000 remain unsold as of the date of filing of this Registration Statement (the &ldquo;Unsold Securities&rdquo;), which the registrant has determined to include in this Registration Statement. The registrant paid a filing fee of $34,798.75 (calculated at the prior filing fee rate) relating to the Unsold Securities under the Prior Registration Statement, and no additional filing fee is due with respect to the Unsold Securities in connection with the filing of this Registration Statement. The registrant is also registering new securities on this Registration Statement with an aggregate initial offering price of $199,750,000 (the &ldquo;New Securities&rdquo;), which aggregate offering price is not specified as to each class of securities. A filing fee of $25,927.55 with respect to the New Securities is being paid in connection with the filing of this Registration Statement.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each depositary share will be issued under a deposit agreement, will represent an interest in a fractional share or multiple shares of preferred stock and will be evidenced by a depositary receipt.</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each unit will be issued under a unit agreement and, if applicable, an indenture, and will represent an interest in two or more securities registered hereby, including shares of common stock or preferred stock, debt securities, depositary shares or warrants, which may or may not be separable from one another.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">______________________________</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; text-indent: 0.5in"><B>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment
which specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting
pursuant to said Section&nbsp;8(a), may determine. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-underline-style: double"><B><U>____________________________________________________________________________________________</U></B></FONT></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>&nbsp;</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: 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red">The information in this prospectus is not complete and
may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission
is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in
any jurisdiction where the offer or sale is not permitted.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red">Subject to Completion, dated June
19, 2020</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>$500,000,000</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Customers
Bancorp, Inc.</B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Voting
Common Stock<BR>
Class B Non-Voting Common Stock<BR>
Preferred Stock<BR>
Debt Securities<BR>
Depositary Shares<BR>
Warrants<BR>
Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may offer and sell the securities identified
above from time to time, in one or more transactions. We may also issue common stock, preferred stock, debt securities or depositary
shares upon the conversion, exchange or exercise of certain of the securities identified above. This prospectus provides you with
a general description of these securities. Each time we offer any securities pursuant to this prospectus, we will provide you with
a prospectus supplement describing the specific terms of the securities being offered, including the price of the securities. The
prospectus supplements and any related free writing prospectus also may add, update or change information contained in this prospectus.
You should carefully read this prospectus, the applicable prospectus supplement and any related free writing prospectus, together
with the documents incorporated by reference in this prospectus and any prospectus supplement, before you decide to invest in any
of our securities. This prospectus may not be used to sell securities unless it is accompanied by a prospectus supplement that
further describes the securities being offered and sold to you.</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 may offer and sell these securities to or
through one or more agents, dealers or underwriters as designated by us from time to time, or directly to purchasers or through
a combination of these methods, on a continuous or delayed basis. If any agents, dealers or underwriters are involved in the offer
and sale of any securities, the applicable prospectus supplement will set forth their names and any applicable purchase price,
fee, commission or discount arrangement with, between or among them, or such amount will be calculable from the information set
forth therein. For additional information, see &ldquo;Plan of Distribution.&rdquo; No securities may be sold without delivery of
this prospectus and a prospectus supplement describing the method and terms of the offering of those securities.</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">Our common stock is listed on the New York
Stock Exchange under the symbol &ldquo;CUBI.&rdquo; On June 18, 2020 the last reported sale price of our common stock on the New
York Stock Exchange was $11.80 per share.</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">Unless otherwise indicated in the applicable
prospectus supplement, the other securities offered hereby will not be listed on a national securities exchange.</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">Our principal executive offices are located
at 1015 Penn Avenue, Suite 103, Wyomissing, Pennsylvania, 19610. Our telephone number is (610) 993-2000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>These securities are not savings accounts,
deposits or other obligations of our bank or non-bank subsidiaries and are not insured or guaranteed by the Federal Deposit Insurance
Corporation, or the FDIC, or any other government agency.</B>&nbsp;</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; text-indent: 0.5in"><B>Investing in our securities involves
risks. See &ldquo;Risk Factors&rdquo; beginning on page 2 of this prospectus, as well as those risk factors contained in any
prospectus supplement we file and in our reports filed with the Securities and Exchange Commission, or the SEC, that are
incorporated or deemed to be incorporated by reference herein or in any applicable prospectus supplement, to read about other
risk factors you should consider before making a decision to invest in any of our securities.</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; text-indent: 0.5in"><B>None of the SEC, any state securities commission,
the Board of Governors of the Federal Reserve System, or the Federal Reserve, the FDIC or any other regulatory body has approved
or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary
is a criminal offense.</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; text-align: center">&nbsp;</P>

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

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><U>PAGE</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#about">ABOUT THIS PROSPECTUS</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#cautionary">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">iii</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#summary">SUMMARY</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#risk">RISK FACTORS</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#useofproceeds">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#securities">DESCRIPTION OF THE SECURITIES</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#commonstock">DESCRIPTION OF COMMON STOCK</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#preferredstock">DESCRIPTION OF PREFERRED STOCK</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#debtsecurities">DESCRIPTION OF DEBT SECURITIES</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#depositaryshares">DESCRIPTION OF DEPOSITARY SHARES</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#warrants">DESCRIPTION OF WARRANTS</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#units">DESCRIPTION OF UNITS</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#planofdist">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#legal">LEGAL MATTERS</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#experts">EXPERTS</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#reference">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="#findmore">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>


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<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"><A NAME="about"></A><B>ABOUT THIS 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-indent: 0.5in">This prospectus is part of a registration statement
that we have filed with the SEC under the Securities Act of 1933, as amended, or the Securities Act, using a &ldquo;shelf&rdquo;
registration process. Under this shelf registration statement, we are registering an unspecified amount of each class of the securities
described in this prospectus, and may sell any combination of these securities in one or more offerings from time to time in the
future, up to an aggregate offering amount of $500,000,000. This prospectus provides you with a general description of the securities
we may offer and sell and is not meant to provide a complete description of each security. As a result, each time we sell securities,
we will provide a prospectus supplement containing specific information about the terms of the offering, including specific amounts,
prices and other terms of the securities being offered and other details related to the offering. The prospectus supplement may
also add, update or change information contained in this prospectus. Such information may be further updated by documents incorporated
by reference into this prospectus or a prospectus supplement. Any statement contained in this prospectus, any prospectus supplement
or in a document incorporated or deemed to be incorporated by reference herein or therein shall be deemed to be modified or superseded
for purposes of this prospectus and any prospectus supplement to the extent that a statement contained in any subsequently filed
document which is or is deemed to be incorporated by reference herein or therein modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus
or any prospectus supplement. You should read both this prospectus and any prospectus supplement together with the additional information
described under the headings &ldquo;Incorporation of Certain Documents by Reference&rdquo; and &ldquo;Where You Can Find More Information&rdquo;
before making an investment decision.</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">This prospectus and any prospectus
supplement do not contain all of the information set forth or incorporated by reference in the registration statement or the
exhibits filed therewith. Statements contained or incorporated by reference in this prospectus and any applicable prospectus
supplement as to the contents of any agreement or other document are only summaries, are not necessarily complete, and in
each instance we refer you to the copy of the contract or other document filed as an exhibit to a document incorporated by
reference in this prospectus or such prospectus supplement, as applicable, each such statement being qualified in all
respects by such reference.</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">You should rely only on the information contained
or incorporated by reference in this prospectus or any applicable prospectus supplement. We have not authorized any person to provide
you with any information or to make any representation other than those contained or incorporated by reference in this prospectus
or any applicable prospectus supplement, and, if made, such information or representation must not be relied upon as having been
given or authorized. Neither this prospectus nor any prospectus supplement constitutes an offer to sell or a solicitation of an
offer to buy any security other than the securities offered by this prospectus or any such prospectus supplement, or an offer to
sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not
authorized or is unlawful. The delivery of this prospectus or any prospectus supplement will not, under any circumstances, create
any implication that the information herein or therein is correct as of any time subsequent to the date of this prospectus or such
prospectus supplement. You should assume that the information contained or incorporated by reference in this prospectus, any prospectus
supplement or other offering materials is accurate only as of the dates of those documents or the documents incorporated by reference,
as applicable. Our business, financial condition, results of operations and prospects may have changed since those dates. Any information
disclosed in our subsequent filings with the SEC and any applicable prospectus supplement that is inconsistent with the information
included in this prospectus will supersede the information in this prospectus or any earlier prospectus supplement.</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 not taken any action to permit a public
offering of the securities offered by this prospectus or any prospectus supplement outside the United States or to permit the possession
or distribution of this prospectus outside the United States, unless the applicable prospectus supplement so specifies. Persons
outside the United States who come into possession of this prospectus or any prospectus supplement must inform themselves about
and observe any restrictions relating to the offering of the securities and the distribution of this prospectus or such prospectus
supplement outside of the United States.</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">All references in this prospectus and any prospectus
supplement to &ldquo;Customers Bancorp,&rdquo; &ldquo;Customers,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
&ldquo;our,&rdquo; or similar references refer to Customers Bancorp, Inc., and its subsidiaries on a consolidated basis, except
where the context otherwise requires or as otherwise indicated.</P>

<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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="cautionary"></A>CAUTIONARY NOTE&nbsp;REGARDING FORWARD-LOOKING
STATEMENTS</B></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: 5pt 0; text-indent: 0.5in">This prospectus, any prospectus supplement
and the documents incorporated by reference herein and therein contain forward-looking information within the meaning of the safe
harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to future events or future
predictions, including events or predictions relating to future financial performance, and are generally identifiable by the use
of forward-looking terminology such as &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
&ldquo;plan,&rdquo; &ldquo;intend,&rdquo; or &ldquo;anticipate&rdquo; or the negative thereof or comparable terminology. Forward-looking
statements reflect numerous assumptions, estimates and forecasts as to future events. No assurance can be given that the assumptions,
estimates and forecasts underlying such forward-looking statements will accurately reflect future conditions, or that any guidance,
goals, targets or projected results will be realized. The assumptions, estimates and forecasts underlying such forward-looking
statements involve judgments with respect to, among other things, future economic, competitive, regulatory and financial market
conditions and future business decisions, which may not be realized and which are inherently subject to significant business, economic,
competitive and regulatory uncertainties and known and unknown risks, including the risks described under &ldquo;Risk Factors&rdquo;
in our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020, as such factors may be updated from time to time in our filings with the SEC. Our actual results may differ materially
from those reflected in the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">In addition to the risks described under
&ldquo;Risk Factors&rdquo; in this prospectus and the documents incorporated by reference herein, other important factors to consider
and evaluate with respect to such forward-looking statements include:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact of COVID-19 on the U.S. and global economies, including business disruptions, reductions in employment and an increase in business failures, specifically among our clients;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a prolonged downturn in the economy, particularly in the geographic areas in which we do business, or an unexpected decline in real estate values within our market areas;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact of COVID-19 on our employees and our ability to provide services to our clients and respond to their needs;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact of forbearances or deferrals we are required to provide or that we agree to as a result of customer requests and/or government actions, including, but not limited to our potential inability to recover fully deferred payments from the borrower or the collateral;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential claims, damages, penalties, fines and reputational damage arising from litigation and regulatory and government actions relating to our participation in and execution of government programs related to the COVID-19 pandemic or as a result of our action in response to, or failure to implement or effectively implement, applicable federal, state and local laws, rules or executive orders requiring that we grant forbearances or not act to collect amounts due under our loans;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, Financial Accounting Standards Board and other accounting standard setters, including the recently-adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments&mdash;Credit Losses (CECL);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in external competitive market factors that might impact our results of operations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in laws and regulations, including, without limitation, changes in capital requirements under Basel III;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the potential effects of heightened regulatory requirements applicable to banks with assets in excess of $10 billion;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in our business strategy or an inability to execute our strategy due to the occurrence of unanticipated events;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to identify potential candidates for, and consummate, acquisition or investment transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing of acquisition, investment or disposition transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">constraints on our ability to consummate an attractive acquisition or investment transaction because of significant competition for those opportunities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">local, regional and national economic conditions and events and the impact they may have on us and our customers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs and effects of regulatory and legal developments, including the results of regulatory examinations and the outcome of regulatory or other governmental inquiries and proceedings, such as fines or restrictions on our business activities;</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to attract deposits and other sources of liquidity;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the financial performance and/or condition of our borrowers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the level of non-performing and classified assets and charge-offs, which may require us to increase our allowance for credit losses, charge off loans and leases and incur elevated collection and carrying costs related to such non-performing assets;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in estimates of our future loan loss reserve requirements under CECL based upon our periodic review thereof under relevant regulatory and accounting requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflation, interest rate, securities market and monetary fluctuations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the planned phasing out of London interbank offered rate, or LIBOR, as a benchmark reference rate;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">timely development and acceptance of new banking products and services and perceived overall value of these products and services by users, including the products and services being developed and introduced to the market by the BankMobile division of Customers Bank;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in consumer spending, borrowing and saving habits;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological changes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to successfully implement our growth strategy, control expenses and maintain liquidity;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued volatility in the credit and equity markets and its effect on the general economy;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the businesses of Customers Bank and any acquisition targets or merger partners and subsidiaries not being integrated successfully or such integration being more difficult, time-consuming or costly than expected;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material differences in the actual financial results of merger and acquisition activities compared with our expectations, such as with respect to the full realization of anticipated cost savings and revenue enhancements within the expected time frame;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customers Bank&rsquo;s ability to pay dividends to Customers Bancorp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks relating to BankMobile, including:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to divest BankMobile on terms and conditions acceptable to us, in the timeframe we currently intend, and the possible effects on our business and results of operations of a divestiture of BankMobile or if we are unable to divest BankMobile for an extended period of time;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ability of Customers and a potential acquirer of BankMobile to meet all of the conditions to completion of any potential divestiture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to execute on our White Label strategy to grow demand deposits through strategic partnerships;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material variances in the adoption and usage rate of BankMobile&rsquo;s services by new and current student customers compared to our expectations, particularly in light of COVID-19 and uncertainties relating to the operations of higher education institutions for the foreseeable future;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the levels of usage of BankMobile student customers following graduation of additional product and service offerings of BankMobile or Customers Bank, including mortgages and consumer loans, and the mix of products and services used;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to implement changes to BankMobile&rsquo;s product and service offerings under current and future regulations and governmental policies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to effectively manage revenue and expense fluctuations that may occur with respect to BankMobile&rsquo;s student-oriented business activities, which result from seasonal factors related to the higher-education academic year; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BankMobile&rsquo;s ability to successfully implement its growth strategy and control expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risks related to planned changes in our balance sheet, including:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to continue to reduce the size of our multi-family portfolio;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to execute our digital distribution strategy;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to manage the risks of change in our loan mix to include a greater portion of consumer loans;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to manage the risks associated with our participation in the Small Business Administration Paycheck Protection Program, including operational, compliance and fraud-related risks; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to earn increased net interest income to recover reduced interchange income due to the loss of the small issuer exemption to the Durbin Amendment.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date hereof, or, in the case of other documents referred to herein,
the dates of those documents. We do not undertake any obligation to release publicly or otherwise provide any revisions to these
forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of
unanticipated events, except as may be required under applicable law.</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; text-align: center">&nbsp;</P>

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

<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"><A NAME="summary"></A><B>SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>This summary highlights information contained
elsewhere in this prospectus and in the documents we incorporate by reference. This summary does not contain all of the information
that you should consider before deciding to invest in our securities. You should read this entire prospectus and any applicable
prospectus supplement carefully, including the &ldquo;Risk Factors&rdquo; sections contained in this prospectus or the applicable
prospectus supplement and Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 and Part II, Item
1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, as may be updated by our subsequently-filed Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, as well as our financial statements and the related notes and the other documents
incorporated by reference herein, which are described under the heading &ldquo;Incorporation of Certain Documents by Reference&rdquo;
in this prospectus supplement.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Customers Bancorp, Inc.</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">Customers Bancorp, Inc. is a bank holding company
located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers
Bank is a community-based, full-service bank. A member of the Federal Reserve System and with deposits insured by the FDIC, Customers
Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals,
individuals and families through offices in Pennsylvania, Illinois, New York, Rhode Island, Massachusetts, New Hampshire and New
Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of technology
to provide customers access to their money, as well as Concierge Banking&reg; by appointment at customers&rsquo; homes or offices
12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family
projects, mortgage companies and consumers. BankMobile is a division of Customers Bank, offering high-tech, digital banking services
to consumers, students, and the &ldquo;under banked&rdquo; nationwide, along with &ldquo;Banking as a Service&rdquo; offerings
with white label partners. At March 31, 2020, Customers Bancorp had total assets of approximately $12.0 billion, total loans and
leases, net of the allowance for credit losses on loans and leases (including held-for-sale loans) of $10.2 billion, total deposits
of $8.4 billion, and shareholders' equity of $965 million.</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">Our principal executive offices are located
at 1015 Penn Avenue, Suite 103, Wyomissing, Pennsylvania, 19610. Our telephone number is (610) 993-2000. Our Internet address is
www.customersbank.com. The information found on, or otherwise accessible through, our website is not incorporated into, and does
not form a part of, this prospectus or any prospectus supplement or any other report or document we file with or furnish to the
SEC.</P>

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

</DIV>

<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-indent: 0.5in">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="risk"></A>RISK FACTORS</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"><I>An investment in our securities involves
substantial risks. In consultation with your own advisors, you should carefully consider, among other matters, the risk factors
and other information we include or incorporate by reference in this prospectus and any prospectus supplement before deciding whether
to invest in our securities. In particular, you should carefully consider, among other things, the factors described under the
caption &ldquo;Risk Factors&rdquo; in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 and
Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, as may be updated by our subsequently-filed
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If any of the risks contained in or incorporated by reference into
this prospectus or any prospectus supplement develop into actual events, our business, financial condition, liquidity, results
of operations and prospects could be materially and adversely affected, the market price of our securities could decline and you
may lose all or part of your investment. Some statements in this prospectus and any prospectus supplement, and in the documents
incorporated by reference into this prospectus or any prospectus supplement, including statements relating to the risk factors,
constitute forward-looking statements. See the &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo; sections in this
prospectus and any prospectus supplement.</I></P>

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

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

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

<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: 5pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"><B><A NAME="useofproceeds"></A>USE OF PROCEEDS</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated in the applicable prospectus supplement, we expect to use the net proceeds from the sale of the offered securities
for general corporate purposes, which may include refinancing, reducing or repaying debt; investments in Customers Bank and any
other of our subsidiaries as regulatory capital to fund growth; financing possible investments or acquisitions; expansion of the
business; and investments at the holding company level. The prospectus supplement with respect to an offering may identify different
or additional uses for the proceeds of that offering. In most cases, management will retain broad discretion over the allocation
of net proceeds.</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">Except as otherwise stated in an applicable
prospectus supplement, pending the application of the net proceeds, we expect to invest the proceeds in short-term obligations.</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: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="securities"></A>DESCRIPTION OF THE SECURITIES</B></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-indent: 0.5in">This prospectus contains a summary of the common
stock, the preferred stock, the debt securities, the depositary shares, the warrants and the units that we may offer and issue
under this prospectus. The particular material terms of the securities offered by a prospectus supplement will be described in
that prospectus supplement. If indicated in the applicable prospectus supplement, the terms of the offered securities may differ
from the terms summarized below. The prospectus supplement will also contain information, where applicable, about material United
States federal income tax considerations relating to the offered securities, and the securities exchange, if any, on which the
offered securities will be listed. The descriptions herein and in the applicable prospectus supplement do not contain all of the
information that you may find useful or that may be important to you. You should refer to the provisions of the actual documents
whose terms are summarized herein and in the applicable prospectus supplement, because those documents, and not the summaries,
define your rights as holders of the relevant securities. For more information, please review the forms of these documents, which
are or will be filed with the SEC and will be available as described under the heading &ldquo;Where You Can Find More Information&rdquo;
below.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: center"><B><A NAME="commonstock"></A>DESCRIPTION OF COMMON STOCK</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 description, together with the
additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions of
the common stock that we may offer under this prospectus. The following description provides a summary of the terms of our common
stock, but does not purport to be complete and is subject to and qualified by reference to our articles of incorporation and bylaws,
which have been filed or incorporated by reference in the registration statement of which this prospectus is a part. The description
below does not contain all of the information that you might find useful or that might be important to you. You should refer to
the provisions of our articles of incorporation and bylaws because they, and not the summaries, define the rights of holders of
shares of our common stock. These documents are available as described under the heading &ldquo;Where You Can Find More Information.&rdquo;</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"><B>General</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">Under our articles of incorporation, we are
authorized to issue up to an aggregate amount of 300,000,000 shares of stock, comprising:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100,000,000 shares of voting common Stock, par value $1.00 per share;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100,000,000 shares of Class B non-voting common stock, par value
        $1.00 per share; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000,000 shares of preferred stock.</FONT></TD></TR>
</TABLE>
<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-indent: 0.5in">Our board of directors has the authority to
establish and divide the authorized and unissued shares of voting common stock and of Class B non-voting common stock into series
or classes and to fix and determine, to the extent not already determined in our articles of incorporation, the designations, preferences,
and other special rights, including conversion rights, and the qualifications, limitations, or restrictions on those rights attributable
to the shares in a series or class.&nbsp;&nbsp;As of June 15, 2020, there were 31,491,151 shares of voting common stock and no
shares of Class B non-voting common stock outstanding.</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">Our board of directors also has the authority
to establish and divide the authorized and unissued shares of preferred stock into series or classes or both&nbsp;and to determine
whether or not shares in any series or class of preferred stock have par value and, if so, the par value, whether or not the shares
in a series or class have voting rights and if so whether those voting rights are full, limited, multiple or fractional, and for
each series or class of preferred stock, the designations, preferences, and other special rights, if any,&nbsp;including dividend
rights, conversion rights, redemption rights and liquidation preferences, if any, and the qualifications, limitations, or restriction
on those rights, and the number of shares of each series or class.&nbsp;&nbsp;As of June 15, 2020, there were 2,300,000 shares
of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C outstanding, 1,000,000 shares of our Fixed-to-Floating
Rate Non-Cumulative Perpetual Preferred Stock, Series D outstanding, 2,300,000 shares of our Fixed-to-Floating Rate Non-Cumulative
Perpetual Preferred Stock, Series E outstanding and 3,400,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred
Stock, Series F outstanding.</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">Our board of directors previously created two
series of preferred stock, Fixed Rate Perpetual Preferred Stock, Series A and Fixed Rate Cumulative Perpetual Preferred Stock,
Series B. All shares of these two series of preferred stock were repurchased by us on December 28, 2011 and are no longer outstanding.&nbsp;&nbsp;The
shares of these two series were canceled, and the authorized number of shares of each series have reverted to authorized but unissued
shares of preferred stock and may be issued as part of any series of preferred stock hereafter designated by the board of directors.</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">Our board of directors, in its sole discretion,
has authority to sell any treasury stock and/or unissued securities, options, warrants, or other rights to purchase any of our
securities, upon such terms as it deems advisable. Subject to applicable law and the provisions of our articles of incorporation
and bylaws, our board of directors could issue preferred stock, or additional shares of voting common stock or Class B non-voting
common stock, with terms different from those of our existing common stock, at any time.</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-indent: 0.5in"></P>

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Voting Rights</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">Except as otherwise required by law and except
as provided by the terms of any other class or series of stock, holders of voting common stock have the exclusive power to vote
on all matters presented to our shareholders, including the election of directors.&nbsp;&nbsp;Each holder of voting common stock
is entitled to one vote per share.&nbsp;&nbsp;The holders of voting common stock do not have the right to vote their shares cumulatively
in the election of directors. This means that, for each director position to be elected, a shareholder may only cast a number of
votes equal to the number of shares held by the shareholder.</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 action that would significantly and adversely
affect the rights of the Class B non-voting common stock with respect to the modification of the terms of those securities or dissolution
requires the approval of the holders of Class B non-voting common stock voting separately as a class. Otherwise, the holders of
the Class B non-voting common stock have no voting power, and do not have the right to participate in or have notice of any meeting
of shareholders.</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">Because our articles of incorporation permit
the board of directors to set the voting rights of preferred stock, it is possible that holders of one or more series of preferred
stock issued in the future could have voting rights of any sort, which could limit the effect of the voting rights of holders of
voting common stock.</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"><B>Dividend Rights</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 holders of our common stock are entitled
to receive dividends declared by our board of directors out of any assets legally available for distribution. We may not pay dividends
or other distributions unless we have paid, declared or set aside all accumulated dividends and any sinking fund, retirement fund
or other retirement payments on any class of stock having preference as to payments of dividends over our common stock. As a holding
company, our ability to pay dividends is affected by the ability of our subsidiaries, including Customers Bank, to pay dividends
or otherwise transfer funds to us. The ability of our subsidiaries to pay dividends or make other distributions to us, and our
ability to pay dividends to shareholders is, and could in the future be, subject to or influenced by bank regulatory requirements
and capital guidelines.</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">Because our articles of incorporation permit
our board of directors to set the dividend rights of preferred shares, it is possible that holders of one or more series of preferred
shares issued in the future could have dividend rights that differ from those of the holders of our common stock, or could have
no right to the payment of dividends.&nbsp;&nbsp;If the holders of a class or series of preferred stock is given dividend rights,
the right of holders of preferred shares to receive dividends could have priority over the right of holders of our common stock
to receive dividends. As discussed above under &quot;&mdash;General&quot; we have currently issued and outstanding shares of preferred
stock that have priority over the right of holders of our common stock to receive dividends.</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 followed and presently intend to continue
following a policy of retaining earnings, if any, to increase our net worth and reserves. We have not historically declared or
paid dividends on our common stock, and we do not expect to do so in the foreseeable future. Any future determination relating
to our dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including
our earnings and financial condition, liquidity and capital requirements, the general economic and regulatory climate, our ability
to service any equity or debt obligations senior our common stock, and other factors deemed relevant by our board of directors.</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"><B>Redemption, Preemptive Rights and Repurchase Provisions</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">Our common stock has no preemptive rights or
redemption or repurchase provisions. The shares are non-assessable and require no sinking fund. Repurchases of our voting common
stock are subject to Federal Reserve regulations and policies, and in some cases also may be subject to prior notice to and approval
by the Federal Reserve. Our ability to make repurchases of our common stock also may be effectively constrained by federal and
state bank regulatory capital requirements.</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-indent: 0.5in"></P>

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Liquidation Rights</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 the event we are liquidated, dissolved or
our affairs are wound up, the holders of our common stock will be entitled to share ratably in all of our assets remaining after
paying or making adequate provision for all our debts and liabilities, subject, however, to any preferential liquidation rights
of holders of any other class or series of our stock outstanding at that time. If our only asset is our ownership of Customers
Bank, it is likely that, if Customers Bank is then in liquidation or receivership, our shareholders will not receive anything on
account of their shares.</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"><B>Potential Anti-Takeover Effect of Governing Documents and Applicable
Law</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">Some provisions of Pennsylvania law, our articles
of incorporation and our bylaws may have the effect of deterring or discouraging, among other things, a non-negotiated tender or
exchange offer for our common stock, a proxy contest for control of the company, the assumption of control of the company by a
holder of a large block of common stock or the removal of our board of directors. It is possible that these provisions could make
it more difficult to accomplish or could deter transactions that shareholders may otherwise consider to be in their best interest
or in our best interest, including transactions which provide for payment of a premium over the market price for our shares.</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">These provisions, summarized below, are intended
to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons
seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of the increased
protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure
us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement
of their terms.</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"><I>Provisions of Our Governing Documents</I>.
&nbsp;Our articles of incorporation and bylaws include provisions that may have the effects summarized above. These provisions:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Empower our board of directors, without shareholder approval, to
        issue preferred stock, the terms of which, including voting power, are set by our board of directors;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Divide our board of directors into three classes serving staggered
        three-year terms;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Restrict the ability of shareholders to remove directors;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Require that shares with at least 80% of total voting power approve
        mergers and other similar transactions with a person or entity holding stock with more than 5% of our voting power, if a reorganization
        is not approved, in advance, by two-thirds of the members of our board of directors;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Prohibit action by the shareholders without a shareholder meeting;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Require that shares representing at least 80% of total voting power
        approve the repeal or amendment of certain provisions of our articles of incorporation;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Require any person who acquires our stock with voting power of 25%
        or more to offer to purchase for cash all remaining shares of our voting stock at the highest price paid by such person for shares
        of our voting stock during the preceding year;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Eliminate cumulative voting in elections of directors;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 89%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Require that shares representing at least two-thirds of the total
        voting power approve any amendment to or repeal of our bylaws;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Require that our board of directors give due consideration to the
        effect of a proposed transaction on the depositors, employees, suppliers, customers and other of our and our subsidiaries&rsquo;
        constituents and on the communities in which we and they operate or are located, and to the business reputation of the other party
        and our value in a freely negotiated sale and of our future prospects as an independent entity;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Require advance notice of nominations for the election of directors
        and the presentation of shareholder proposals at meetings of shareholders; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide that officers, directors, employees, agents and persons who own 5% or more of the voting securities of any other corporation or other entity that owns 66 2/3% or more of our outstanding voting stock cannot constitute a majority of the members of our board of directors.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Provisions of Applicable Law</I>. &nbsp;&nbsp;The
Pennsylvania Business Corporation Law also contains certain provisions applicable to us that may have the effect of impeding a
change in control. These provisions, among other things, prohibit for five years, subject to certain exceptions, a &ldquo;business
combination,&rdquo; which includes a merger or consolidation of the corporation or a sale, lease or exchange of assets with a shareholder
or group of shareholders beneficially owning 20% or more of the corporation&rsquo;s voting power in an election of directors. In
addition, certain provisions of the Pennsylvania Business Corporation Law:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Expand the factors and groups (including shareholders) a board of
        directors can consider in determining whether a certain action is in the best interests of the corporation;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Provide that a board of directors need not consider the interests
        of any particular group as dominant or controlling;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Provide that directors, in order to satisfy the presumption that
        they have acted in the best interests of the corporation, need not satisfy any greater obligation or higher burden of proof for
        actions relating to an acquisition or potential acquisition of control;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Provide that actions relating to acquisitions of control that are
        approved by a majority of &ldquo;disinterested directors&rdquo; are presumed to satisfy the directors&rsquo; standard of care,
        unless it is proven by clear and convincing evidence that the directors did not assent to such action in good faith after reasonable
        investigation; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide that the fiduciary duties of directors are solely to the corporation and may be enforced by the corporation or by a shareholder in a derivative action, but not by a shareholder directly.</FONT></TD></TR>
</TABLE>
<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-indent: 0.5in">The Pennsylvania Business Corporation Law also
provides that the fiduciary duties of directors do not require directors to:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Redeem any rights under, or to modify or render inapplicable, any
        shareholder rights plan;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Render inapplicable, or make determinations under, provisions of
        the Pennsylvania Business Corporation Law, relating to control transactions, business combinations, control-share acquisitions
        or disgorgement by certain controlling shareholders following attempts to acquire control; or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Take action as the board of directors, a committee of the board or an individual director solely because of the effect such action might have on an acquisition or potential or proposed acquisition of control of us or the consideration that might be offered or paid to shareholders in such an acquisition.</FONT></TD></TR>
</TABLE>
<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-indent: 0.5in">&nbsp;</P>

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

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<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to provisions of our articles of incorporation,
and in accordance with Pennsylvania law, we have opted out of coverage by the &ldquo;disgorgement,&rdquo; &ldquo;control transactions,&rdquo;
&ldquo;control-share acquisitions,&rdquo; &ldquo;severance compensation,&rdquo; and &ldquo;labor contracts&rdquo; provisions of
the Pennsylvania Business Corporation Law. As a result of our opting-out from coverage by these statutes, none of the &ldquo;disgorgement,&rdquo;
&ldquo;control transactions,&rdquo; &ldquo;control-share acquisitions,&rdquo; &ldquo;severance compensation,&rdquo; or &ldquo;labor
contracts&rdquo; statutes would apply to a non-negotiated attempt to acquire control of us, although such an attempt would still
be subject to the special provisions of our governing documents.</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"><B>New York Stock Exchange Listing</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">Our common stock is listed on the New York Stock
Exchange under the symbol &ldquo;CUBI.&rdquo;</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"><B>Transfer Agent</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; text-indent: 0.5in">Computershare serves as the transfer agent and
registrar for our common stock.</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-indent: 0.5in">&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-indent: 0.5in">&nbsp;</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="preferredstock"></A>DESCRIPTION OF PREFERRED STOCK</B></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; text-indent: 0.5in">The following description, together with the
additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions of
the preferred stock that we may offer under this prospectus. While the terms summarized below will apply generally to any shares
of preferred stock that we may offer, we will describe the particular terms of any series of preferred stock in more detail in
the applicable prospectus supplement. If we indicate in the prospectus supplement, the terms of any shares of preferred stock offered
under that prospectus supplement may differ from the terms described below. Specific statements with respect to shares will contain
additional important terms and provisions and will be incorporated by reference as an exhibit to the registration statement that
includes this prospectus. We urge you to read the applicable prospectus supplement and any related free writing prospectus, as
well as the statement with respect to shares that contains the specific terms of the shares of preferred stock.</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"><B>General</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">Our articles of incorporation provides
that our board of directors may issue, without action by our shareholders, a maximum of 100,000,000 shares of preferred
stock, in one or more series and with such terms and conditions, at such times and for such consideration, as the board of
directors may determine. As of June 15, 2020, there were 2,300,000 shares of our Fixed-to-Floating Rate Non-Cumulative
Perpetual Preferred Stock, Series C outstanding, 1,000,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series D outstanding, 2,300,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred
Stock, Series E outstanding and 3,400,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock,
Series F outstanding. The rights and privileges relating to these outstanding shares of our preferred stock are governed by
the applicable statement with respect to shares for each series of preferred stock, which have been incorporated by reference
as exhibits to the registration statement of which this prospectus is a part. You should refer to those statements with
respect to shares for the specific terms of the preferred stock that is outstanding, which may be important to you.</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-indent: 0.5in">Our board of directors previously created two
series of preferred stock, Fixed Rate Perpetual Preferred Stock, Series A and Fixed Rate Cumulative Perpetual Preferred Stock,
Series B. All shares of these two series of preferred stock were repurchased by us on December 28, 2011 and are no longer outstanding.&nbsp;&nbsp;The
shares of these two series were canceled, and the authorized number of shares of each series have reverted to authorized but unissued
shares of preferred stock and may be issued as part of any series of preferred stock hereafter designated by the board of directors.</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-indent: 0.5in">In authorizing the issuance of any additional
shares of our preferred stock, other than additional shares of the series of preferred stock that are then currently outstanding,
our board of directors may determine the following:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the voting powers, if any, of the holders of shares of such series
        in addition to any voting rights affirmatively required by law;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the rights of shareholders in respect of dividends, including, without
        limitation, the rate or rates per annum and the time or times at which (or the formula or other method pursuant to which such rate
        or rates and such time or times may be determined) and conditions upon which the holders of shares of such series will be entitled
        to receive dividends and other distributions, and whether any such dividends will be cumulative or noncumulative and, if cumulative,
        the terms upon which such dividends will be cumulative;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether the shares of each such series shall be redeemable by us
        at our option or the holder of the shares, and, if redeemable, the terms and conditions upon which the shares of such series may
        be redeemed;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the amount payable and the rights or preferences to which the holders
        of the shares of such series will be entitled upon any voluntary or involuntary liquidation, dissolution or winding-up;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 89%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the terms, if any, upon which shares of such series will be convertible
        into, or exchangeable for, shares of any other class or classes or of any other series of the same or any other class or classes,
        including the price or prices or the rate or rates of conversion or exchange and the terms of adjustment, if any; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other designations, preferences, and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, so far as they are not inconsistent with the provisions of our articles of incorporation and to the full extent now or hereafter permitted under Pennsylvania law.</FONT></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"><B>Terms</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">You should read the applicable prospectus supplement
relating to the particular series of preferred stock being offered and issued and the related statement with respect to shares
for specific terms of the shares of preferred stock of such series, including, where applicable:</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the title of the series, stated value and liquidation preferences,
        the number of shares constituting the series and the number of shares of the series that are being offered;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the price or other consideration for which the shares will be issued;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the dividend rate(s) (or method of calculation), the dividend periods,
        the dates on which dividends shall be payable and whether the dividends will be cumulative or noncumulative and, if cumulative,
        the dates at which the dividends shall begin to cumulate, and the participating and other rights, if any, with respect to dividends;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the redemption or sinking fund provisions, if any;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether the shares will be convertible into, or exchangeable for, shares of any other class or series and, if so, the provisions relating to conversion or exchange rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the voting powers, full or limited, if any, of the shares offered;
        and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such other powers, preferences, rights, qualifications, limitations and restrictions thereof as our Board may deem advisable.</FONT></TD></TR>
</TABLE>
<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-indent: 0.5in">When we issue shares of preferred stock, the
shares will be fully paid and nonassessable, which means the full purchase price of the shares will have been paid and holders
of the shares will not be assessed any additional monies for the shares.&nbsp;&nbsp;Unless the applicable prospectus supplement
indicates otherwise, each series of the preferred stock will rank equally with any outstanding shares of our preferred stock and
each other series of the preferred stock.&nbsp;&nbsp;Unless the applicable prospectus supplement states otherwise, the preferred
stock will have no preemptive rights to subscribe for any additional securities which are issued by us, meaning, the holders of
shares of preferred stock will have no right to buy any portion of the issued securities.</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, unless the applicable prospectus
supplement indicates otherwise, we will have the right to &ldquo;reopen&rdquo; a previous issue of a series of preferred stock
by issuing additional preferred stock of such series.</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 transfer agent, registrar, dividend disbursing
agent, calculation agent and redemption agent for shares of each series of preferred stock will be named in the prospectus supplement
relating to such series.</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"><B>Dividends</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 holders of the preferred stock of each series
will be entitled to receive cash dividends out of funds legally available, when, as and if, declared by our board of directors
or a duly authorized committee of the board, at the rates and on the dates stated in the applicable prospectus supplement.&nbsp;&nbsp;These
rates may be fixed, or variable, or both.&nbsp;&nbsp;If the dividend rate is variable, the applicable prospectus supplement will
describe the formula used to determine the dividend rate for each dividend period.&nbsp;&nbsp;We will pay dividends to the holders
of record as they appear on our stock books on the record dates determined by our board of directors or an authorized committee
of our board.&nbsp;&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-indent: 0.5in"></P>

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<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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Voting Rights</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">Holders of shares of preferred stock will have
no voting rights, except as (i) otherwise stated in the applicable prospectus supplement, (ii) as otherwise stated in the statement
with respect to shares establishing such series or (iii) as required by applicable law.</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-indent: 0.5in">Under Federal Reserve Board regulations, if
the holders of any series of preferred stock become entitled to vote for the election of directors, that series may then be considered
a class of voting securities.&nbsp;&nbsp;A holder of 25% or more of a series may then be subject to regulation as a savings and
loan holding company under the Home Owners Loan Act or a bank holding company under the Bank Holding Company Act, depending on
the nature of the holder.&nbsp;&nbsp;In addition, at the time that the series are deemed a class of voting securities, any bank
holding company or savings and loan holding company may be required to obtain the prior approval of the Federal Reserve Board in
order to acquire more than 5% of that series, and any person other than a savings and loan or a bank holding company may be required
to obtain the prior approval of the Federal Reserve Board to acquire 10% or more of that series.</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"><B>Redemption</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">A series of the preferred stock may be redeemable,
in whole or in part, at our option, and may be subject to mandatory redemption under a sinking fund or otherwise as described in
the applicable prospectus supplement. If a series of preferred stock is redeemable at our option, that applicable prospectus supplement
will specify the conditions to such redemption and any restrictions, whether pursuant to the terms of the preferred stock or other
securities or obligations of our, or pursuant to regulatory requirements, on our ability to redeem. If a series of preferred stock
is subject to mandatory redemption, the applicable prospectus supplement will specify the number of shares that we will redeem,
the time or times for such redemption, the redemption price per share and other obligations of ours in connection with the redemption.
In each case, the applicable prospectus supplement will indicate whether the redemption price can be paid in cash or other property.&nbsp;&nbsp;Unless
we default in the payment of the redemption price, dividends will cease to accrue after the redemption date on shares of preferred
stock called for redemption and all rights of holders of such shares will terminate except for the right to receive the redemption
price.</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"><B>Conversion and Exchange</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">If any series of preferred stock we propose
to offer and issue is convertible into or exchangeable for any other class or series of our capital stock or any other securities
of ours, the applicable prospectus supplement relating to that series will describe the terms and conditions governing the conversions
and exchanges.</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"><B>Liquidation Rights</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">If we voluntarily or involuntarily liquidate,
dissolve or wind up our business, the holders of shares of each series of preferred stock and any other securities that have rights
equal to that series of preferred stock under these circumstances, will be entitled to receive out of our assets that are available
for distribution to stockholders a distribution in the amount provided in statement with respect to shares and will receive such
distributions (if any) before any distribution to holders of common stock or of any securities ranking junior to the series of
preferred stock. If our assets are insufficient to pay all amounts to which holders of preferred stock are entitled, we will make
no distribution on the preferred stock or on any other securities ranking equal to the preferred stock unless we make a pro rata
distribution to those holders. After we pay the full amount of the liquidation distribution to which the holders are entitled,
the holders will have no right or claim to any of our remaining assets.</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-indent: 0.5in">Unless otherwise stated in the applicable prospectus
supplement or the related statement with respect to shares, neither the sale of all or any part of our property and business, nor
our merger into or consolidation with any other corporation, nor the merger or consolidation of any other corporation with or into
us, will be deemed to be a dissolution, liquidation or winding up.</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-indent: 0.5in"></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="debtsecurities"></A>DESCRIPTION OF DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">The following description, together with
the additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions
of the debt securities that we may offer under this prospectus. We may offer debt securities which may be senior or subordinated.
While the terms summarized below will apply generally to any debt securities that we may offer, we will describe the particular
terms of any debt securities we offer in more detail in the applicable prospectus supplement. If we indicate in the prospectus
supplement, the terms of any debt securities offered under that prospectus supplement may differ from the terms described below.
The applicable senior or subordinated indenture, the applicable supplemental indenture and the form of debt security relating to
a particular offering of debt securities have been or will be incorporated by reference as exhibits to the registration statement
of which this prospectus forms a part. We urge you to read the applicable prospectus supplement and any related free writing prospectus,
as well as the applicable indenture and supplemental indenture that contains the specific terms of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">We may issue senior debt securities from
time to time, in one or more series under a senior indenture that we have entered into with a trustee, which we refer to as the
&ldquo;senior trustee&rdquo; or in another senior indenture we may enter into in the future with a senior trustee. We may issue
subordinated debt securities from time to time, in one or more series under a subordinated indenture that we have entered into
with a trustee, which we refer to as the &ldquo;subordinated trustee&rdquo; or in another subordinated indenture we may enter into
in the future with a subordinated trustee. The senior indenture and subordinated indenture are incorporated by reference as exhibits
to the registration statement of which this prospectus forms a part. Together, the senior indenture and the subordinated indenture
are referred to as the &ldquo;indentures&rdquo; and, together, the senior trustee and the subordinated trustee are referred to
as the &ldquo;trustees.&rdquo; This prospectus briefly outlines some of the provisions of the indentures. The below summary of
the material provisions of the indentures is qualified in its entirety by the provisions of the indentures, including definitions
of certain terms used in the indentures. Wherever we refer to particular sections or defined terms of the indentures, those sections
or defined terms are incorporated by reference in this prospectus or the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Customers Bancorp is a bank holding company
and almost all of our operating assets are owned by Customers Bank.&nbsp;&nbsp;We are a legal entity separate and distinct from
Customers Bank.&nbsp;&nbsp;We rely primarily on dividends from Customers Bank to meet our obligations.&nbsp;&nbsp;There are regulatory
limitations on the payment of dividends directly or indirectly to us from Customers Bank.&nbsp;&nbsp;Accordingly, our debt securities
will be effectively subordinated to all existing and future liabilities of Customers Bank, and holders of our debt securities should
look only to our assets for payments of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">As used in this section only, &ldquo;Customers,&rdquo;
&quot;Customers Bancorp,&quot; the &quot;Company,&quot; &ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo; refer to Customers
Bancorp, Inc., excluding our subsidiaries, unless expressly stated or the context otherwise requires.</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>General</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 indentures do not limit the aggregate principal
amount of debt securities that we may issue and provide that we may issue debt securities under the indentures from time to time
in one or more series. We may from time to time, without giving notice to or seeking the consent of the holders of the debt securities
of any series, issue debt securities having the same ranking and the same terms (other than the public offering price, issue date,
payment of interest accruing prior to the issue date and, under some circumstances, the first interest payment date) as the debt
securities of a previously issued series. Any additional debt securities having such identical terms, together with the debt securities
of the applicable series previously issued, will constitute a single series of debt securities under the applicable indenture.</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-indent: 0.5in"></P>

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of June 15, 2020, we have outstanding
three series of senior and subordinated debt securities: (i) 3.95% senior notes due 2022, (ii) 4.50% senior notes due 2024
and (iii) 5.375% subordinated notes due 2024. Each of these series of notes was issued pursuant to an indenture and a
supplemental indenture that define the terms of such notes, and such indentures and supplemental indentures have been
incorporated by reference as exhibits to the registration statement of which this prospectus is a part. You should refer to
those indentures and supplemental indentures for the specific terms applicable to our outstanding debt securities, which may
be important to you.</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">Unless otherwise provided in a prospectus supplement,
the senior debt securities we issue will be our unsecured obligations and will rank equally with all of our other unsecured and
unsubordinated indebtedness from time to time outstanding. The subordinated debt securities we issue will be our unsecured obligations
and will be subordinated in right of payment to the prior payment in full of all of our senior indebtedness, which term includes
senior debt securities, as described below under &ldquo;&mdash;Subordination.&rdquo; In certain events of insolvency, the subordinated
debt securities will also be subordinated to certain other financial obligations, as described below under &ldquo;&mdash;Subordination.&rdquo;</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">You should read the applicable prospectus supplement
relating to the particular debt securities being offered and issued for specific terms, including, where applicable:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the title and type of the debt securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the aggregate principal amount of the debt securities being offered,
        the aggregate principal amount of the debt securities outstanding as of the most recent practicable date and any limit on their
        aggregate principal amount, including the aggregate principal amount of debt securities authorized;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the price at which the debt securities will be issued, which may
        be expressed as a percentage of the principal;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the date or dates, or the method for determining the date or dates,
        on which the principal of the debt securities will be payable;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the interest rates, if any, which rate may be zero if the debt securities
        are issued at a discount from the principal amount payable at maturity, or the method by which the interest rates will be determined,
        including, if applicable, any remarketing option or similar method;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the date or dates from which interest, if any, will accrue or the
        method by which the date or dates will be determined;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the interest payment dates and the record dates for interest payment
        dates, or the method by which such dates will be determined;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the persons to whom interest will be payable;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the place or places where the principal of, and any premium or interest
        on, the debt securities will be payable, where any debt securities may be surrendered for registration of transfer or exchange,
        and where any debt securities may be surrendered for conversion or exchange;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">where notices or demands to or upon us in respect of the debt securities
        and the applicable indenture may be served;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether any of the debt securities are to be redeemable at our option
        and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and
        conditions upon which they may be redeemed, in whole or in part;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether we will be obligated to redeem or purchase any of the debt
        securities pursuant to any sinking fund or analogous provision or at the holder&rsquo;s option, and, if so, the dates or prices
        and the other terms on which the debt securities must be redeemed or purchased pursuant to this obligation and any provisions for
        the remarketing of the debt securities so redeemed or purchased;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 89%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether the debt securities will be convertible into our common
        or preferred stock and/or exchangeable for other securities of ours and, if so, the terms and conditions upon which the debt securities
        will be convertible or exchangeable;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">if other than United States dollars, the currency of payment in
        which the principal of, and any premium or interest on, the debt securities will be paid;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">if other than the principal amount, the portion of the principal
        amount, or the method by which the portion will be determined, of the debt securities that will be payable upon declaration of
        acceleration of the maturity of the debt securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether the principal of, and any premium or interest on, the debt
        securities will be payable, at our or the holder&rsquo;s election, in a currency other than that in which the debt securities are
        stated to be payable, and the dates and the other terms upon which this election may be made;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any index, formula or other method used to determine the amount
        of principal of, and any premium or interest on, the debt securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether the debt securities are to be issued in the form of one
        or more global securities and, if so, the identity of the depositary for the global security or securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether the debt securities are senior or subordinated and, if subordinated,
        the applicable subordination provisions;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">in the case of subordinated debt securities, the relative degree,
        if any, to which the subordinated debt securities will be senior to or be subordinated to other series of subordinated debt securities
        or other indebtedness of ours in right of payment, whether the other series of subordinated debt securities or other indebtedness
        is outstanding or not;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any provisions relating to any security provided for the debt securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether the debt securities will be guaranteed as to payment or
        performance;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any addition to, deletion of or change in the &quot;events of default&quot;
        described in this prospectus or in the indentures with respect to the debt securities and any change in the acceleration provisions
        described in this prospectus or in the applicable indenture with respect to the debt securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any addition to, deletion of or change in the covenants described
        in this prospectus or in the applicable indenture with respect to the debt securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the applicability, if any, of the defeasance and covenant defeasance
        provisions described in this prospectus or in the applicable indenture;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether any of the debt securities are to be issued upon the exercise
        of warrants and the time, manner and place for the debt securities to be authenticated and delivered;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">whether and under what circumstances we will pay any additional
        amounts on the debt securities in respect of any tax, assessment or governmental charge;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the name of the applicable trustee and the nature of any material
        relationship with us or any of our affiliates, and the percentage of debt securities of the class necessary to require the trustee
        to take action;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 89%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the names of any depositaries, security registrars, interest rate
        calculation agents, exchange rate calculation agents or other agents with respect to the debt securities; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&bull;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other terms of the debt securities, which may supplement, modify or delete any provision of the applicable indenture as it applies to that series, including any terms that may be required under applicable law or regulations or advisable in connection with the offer and sale of the securities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">We may issue debt securities that provide
for less than the entire principal amount thereof to be payable upon declaration of acceleration of the maturity of the debt securities.
We refer to any such debt securities throughout this prospectus as &ldquo;original issue discount securities.&rdquo; The applicable
prospectus supplement will describe the United States federal income tax consequences and other relevant considerations applicable
to original issue discount securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Except as described under &ldquo;&mdash;Consolidations,
Mergers and Sales of Assets&rdquo; or as may be set forth in any prospectus supplement, the debt securities will not contain any
provisions that (i) would limit our ability to incur indebtedness or (ii) would afford holders of debt securities protection in
the event of (a) a highly leveraged or similar transaction involving us, or (b) a change of control or reorganization, restructuring,
merger or similar transaction involving us that may adversely affect the holders of the debt securities. In the future, we may
enter into transactions, such as the sale of all or substantially all of our assets or a merger or consolidation, that may have
an adverse effect on our ability to service our indebtedness, including the debt securities, by, among other things, substantially
reducing or eliminating our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">We will provide you with more information
in the applicable prospectus supplement regarding any deletions, modifications, or additions to the events of default or covenants
that are summarized below, including any addition of a covenant or other provision providing event risk or similar protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Unless otherwise set forth in the applicable
prospectus supplement, the trustee will act as the paying agent. We may designate additional paying agents, rescind the designation
of any paying agent or approve a change in the office through which any paying agent acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Unless otherwise set forth in the applicable
prospectus supplement, holders may present the debt securities for transfer, duly endorsed or accompanied by a written instrument
of transfer if so required by us or the security registrar, or exchange for other debt securities of the same series containing
identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, in each case at the
office or agency maintained by us for this purpose, which will initially be the corporate trust office of the trustee. Any transfer
or exchange will be made without service charge, although we may require payment of a sum sufficient to cover any tax or other
governmental charge and any other expenses then payable. Neither we nor the trustee or the registrar is required to issue, register
the transfer of, or exchange debt securities during a period beginning at the opening of business 15 days before the day of mailing
of a notice of redemption of any debt securities and ending at the close of business on the day of mailing or register the transfer
of or exchange any debt security selected for redemption, in whole or in part, except the unredeemed portion of any debt security
being redeemed in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">If the purchase price, or the principal
of, or any premium or interest on, any debt securities is payable in, or if any debt securities are denominated in, one or more
foreign currencies or currency units, the restrictions, elections, U.S. Federal income tax considerations, specific terms and other
information will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Conversion and Exchange</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: 4.5pt 0 0; text-indent: 0.5in">The terms, if any, on which debt securities
are convertible into or exchangeable for, either mandatorily or at our or the holder&rsquo;s option, property or cash, common stock,
preferred stock or other securities of ours, or a combination of any of these, will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 24 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Global Securities</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: 4.5pt 0 0; text-indent: 0.5in">The debt securities may be issued, in
whole or in part, in the form of one or more global securities that will be deposited with, or on behalf of, a depositary identified
in the applicable prospectus supplement and registered in the name of the depositary or its nominee. Interests in any global debt
security will be shown on, and transfers of the debt securities will be effected only through, records maintained by the depositary
and its participants. The specific terms of the depositary arrangement will be described in the applicable prospectus supplement.</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>Subordination</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: 4.5pt 0 0; text-indent: 0.5in">&#9;Under the subordinated indenture, payment of the principal,
interest and any premium on the subordinated debt securities will generally be subordinated and junior in right of payment to the
prior payment in full of all Senior Indebtedness (as defined below). &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">&ldquo;<FONT STYLE="letter-spacing: 0.2pt">Senior
Indebtedness&rdquo;</FONT> <FONT STYLE="letter-spacing: 0.1pt">i</FONT>s <FONT STYLE="letter-spacing: 0.1pt">define</FONT>d <FONT STYLE="letter-spacing: 0.1pt">t</FONT>o
<FONT STYLE="letter-spacing: 0.1pt">includ</FONT>e <FONT STYLE="letter-spacing: 0.1pt">principa</FONT>l <FONT STYLE="letter-spacing: 0.1pt">o</FONT>f
<FONT STYLE="letter-spacing: 0.1pt">(an</FONT>d <FONT STYLE="letter-spacing: 0.1pt">premium</FONT>, <FONT STYLE="letter-spacing: 0.1pt">i</FONT>f
<FONT STYLE="letter-spacing: 0.1pt">any</FONT>) <FONT STYLE="letter-spacing: 0.1pt">an</FONT>d <FONT STYLE="letter-spacing: 0.1pt">interest</FONT>,
<FONT STYLE="letter-spacing: 0.1pt">i</FONT>f <FONT STYLE="letter-spacing: 0.1pt">any</FONT>, <FONT STYLE="letter-spacing: 0.1pt">on</FONT>,
<FONT STYLE="letter-spacing: 0.1pt">an</FONT>d <FONT STYLE="letter-spacing: 0.1pt">an</FONT>y <FONT STYLE="letter-spacing: 0.1pt">othe</FONT>r
<FONT STYLE="letter-spacing: 0.1pt">paymen</FONT>t <FONT STYLE="letter-spacing: 0.1pt">du</FONT>e <FONT STYLE="letter-spacing: 0.1pt">pursuant
</FONT><FONT STYLE="letter-spacing: 0.05pt">to</FONT>, <FONT STYLE="letter-spacing: 0.05pt">an</FONT>y <FONT STYLE="letter-spacing: 0.05pt">o</FONT>f
<FONT STYLE="letter-spacing: 0.05pt">th</FONT>e <FONT STYLE="letter-spacing: 0.05pt">following:</FONT></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 STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our obligations for money borrowed;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">indebtedness evidenced by bonds, debentures, notes or similar instruments;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">similar obligations arising from off-balance sheet guarantees and direct credit substitutes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reimbursement obligations with respect to letters of credit, bankers&rsquo; acceptances or similar facilities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obligations issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">capital lease obligations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obligations associated with derivative products, including but not limited to securities contracts, foreign currency exchange contracts, swap agreements (including interest rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements, interest rate agreements, foreign exchange rate agreements, options, commodity futures contracts, commodity option contracts and similar financial instruments;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">debt of others described in the preceding clauses that we have guaranteed or for which we are otherwise liable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any deferrals, renewals or extensions of debt, guarantees or other liabilities described in the preceding clauses; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Obligations (as defined below);</FONT></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"><FONT STYLE="letter-spacing: 0.05pt">unless, in any case,
in the instrument creating or evidencing any such indebtedness or obligation, or pursuant to which the same is outstanding, it
is expressly provided that such indebtedness or obligation is not superior in right of payment to any subordinated debt securities
or to other debt that is <I>pari passu</I> with or subordinate to the subordinated debt securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: 0.05pt">Senior Indebtedness
does not include:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">indebtedness owed by us to Customers Bank or any other subsidiaries of ours; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 6%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any indebtedness the terms of which expressly provide that such indebtedness ranks equally with, or junior to, the subordinated debt securities or to other debt that is equal with or junior to the subordinated debt securities, including guarantees of such indebtedness.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;General Obligations&rdquo; are defined
as all of our obligations to pay claims of general creditors, other than obligations on subordinated debt securities and our indebtedness
for money borrowed ranking equally or subordinate to the subordinated debt securities. Notwithstanding the foregoing, if the Federal
Reserve (or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that defines general
creditor(s), the main purpose of which is to establish a criteria for determining whether the subordinated debt of a bank holding
company is to be included in its capital, then the term &ldquo;General Obligations&rdquo; will mean obligations to general creditors
as described in that rule or interpretation.</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-indent: 0.5in">If certain events in bankruptcy, insolvency
or reorganization occur, we will first pay all Senior Indebtedness, including any interest accrued after the events occur, in full
before we make any payment or distribution, whether in cash, securities or other property, on account of the principal of or interest
on any subordinated debt securities. In such an event, we will pay or deliver directly to the holders of Senior Indebtedness any
payment or distribution otherwise payable or deliverable to holders of any subordinated debt securities. We will make the payments
to the holders of Senior Indebtedness according to priorities existing among those holders until we have paid all Senior Indebtedness,
including accrued interest, in full. If, notwithstanding the preceding sentence, the subordinated trustee or the holder of any
subordinated debt securities receives any payment or distribution before all Senior Indebtedness is paid in full, and if such fact
shall, at or prior to the time of such payment or distribution, have been made known to the subordinated trustee or such holder,
then such payment or distribution shall be paid over or delivered for application to the payment of all Senior Indebtedness remaining
unpaid, to the extent necessary to pay all Senior Indebtedness in full, after giving effect to any concurrent payment or distribution
to or for the holders of Senior Indebtedness.</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-indent: 0.5in">If such events of bankruptcy, insolvency or
reorganization occur, after we have paid in full all amounts owed on Senior Indebtedness, the holders of subordinated debt securities
together with the holders of any of our other obligations that rank equally with the subordinated debt securities will be entitled
to receive from our remaining assets any principal, premium or interest due at that time on the subordinated debt securities and
such other obligations before we make any payment or other distribution on account of any of our capital stock or obligations ranking
junior to the subordinated debt securities.</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-indent: 0.5in">In addition, if any principal, premium or interest
in respect of Senior Indebtedness is not paid within any applicable grace period (including at maturity) or any other default on
Senior Indebtedness occurs and the maturity of such Senior Indebtedness is accelerated in accordance with its terms, we may not
pay the principal of, or interest on, the subordinated debt securities or repurchase, redeem or otherwise retire any subordinated
debt securities, unless, in each case, the default has been cured or waived and any such acceleration has been rescinded or such
Senior Indebtedness has been paid in full in cash, subject to certain exceptions as provided in the Indenture. If the subordinated
debt securities are accelerated before their stated maturity, the holders of Senior Indebtedness outstanding at the time the subordinated
debt securities so become due and payable shall be entitled to receive payment in full of all amounts due or to become due on or
in respect of such Senior Indebtedness before the holders of the subordinated debt securities are entitled to receive any payment
on the subordinated debt securities. If, notwithstanding the foregoing, we make any payment to the subordinated trustee or the
holder of any subordinated debt securities prohibited by the preceding sentences, and if such fact shall, at or prior to the time
of such payment, have been made known to the subordinated trustee or such holder, such payment must be paid over and delivered
to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">The indentures do not limit the amount
of Senior Indebtedness that we may incur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Events of Default, Waiver<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the indentures, unless and to the extent
modified by a supplemental indenture, an event of default will occur with respect to the debt securities upon the occurrence of
any one of the following events:<BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our default in the payment of any interest on the debt securities when due, and continuance of such default for a period of 30 days;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our default in the payment of any principal&nbsp;on the debt securities when due and payable either at maturity, upon any redemption, upon acceleration of maturity or otherwise;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our failure to perform any other covenant or agreement contained in the debt securities or in the indenture and the continuance of such failure for a period of 90 days after notice specifying such failure and demanding that we remedy the same is given to us by the applicable trustee, or to us and the applicable trustee by the holders of at least 25% in aggregate principal amount of the then outstanding applicable debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a court having jurisdiction enters a decree or order for relief in respect of us or a material subsidiary in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law, or a decree or order adjudging us or a material subsidiary bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of us or a material subsidiary under any applicable federal or state law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official of us or a material subsidiary or for any substantial part of our or such material subsidiary&rsquo;s property, or ordering the winding-up or liquidation of our or such material subsidiary&rsquo;s affairs, shall have been entered, and such decree or order remains unstayed and in effect for a period of 60 consecutive days;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we or a material subsidiary commences a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law now or hereinafter in effect or any other case or proceeding to be adjudicated bankrupt or insolvent, or consent to the entry of a decree or order for relief in respect of us or a material subsidiary in an involuntary case or proceeding under any such law, or to the commencement of any bankruptcy or insolvency case or proceeding against us or a material subsidiary, or the filing by us or a material subsidiary of a petition or answer to consent seeking reorganization or relief under any such applicable federal or state law, or the consent by us or a material subsidiary to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of us or a material subsidiary or of any substantial part of our or its property, or the making by us or a material subsidiary of an assignment for the benefit of creditors, or the taking of action by us or a material subsidiary in furtherance of any such action; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we or a material subsidiary defaults under any bond, debenture, note or other evidence of indebtedness for money borrowed by us or a material subsidiary having an aggregate principal amount outstanding of at least $25,000,000, or under any mortgage, indenture or instrument (including the Indenture) under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by us or a material subsidiary having an aggregate principal amount outstanding of at least $25,000,000, whether such indebtedness now exists or is created in the future, which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration having been rescinded or annulled.</FONT></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"></P>

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<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A &ldquo;material subsidiary&rdquo; means Customers
Bank or any successor thereof, or any of our subsidiaries that is a depository institution and that has consolidated assets equal
to 30% or more of our consolidated assets. As of the date of this prospectus, our only material subsidiary is Customers Bank.</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">If an event of default, other than an event
of default relating to bankruptcy, insolvency, reorganization or similar events of the Company with respect to the applicable debt
securities occurs and is continuing, the applicable trustee or the holders of at least 25% in aggregate principal amount of the
then outstanding applicable applicable debt securities, by notice to us (with a copy to the applicable trustee if such notice is
given by the holders), may declare the entire principal amount of and all accrued but unpaid interest on all the applicable debt
securities to be due and payable immediately. Subject to certain conditions, the holders of a majority in aggregate principal amount
of the outstanding applicable debt securities may on behalf of the holders of all of the applicable debt securities rescind such
acceleration and its consequences if such rescission would not conflict with any judgment or decree of a court of competent jurisdiction.
If an event of default relating to bankruptcy, insolvency, reorganization or similar events of the Company occurs, the entire principal
amount of and all accrued but unpaid interest on all the applicable debt securities will automatically become immediately due and
payable without any declaration or other action on the part of the applicable trustee or any holder.</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 indentures also provide that the holders
of a majority in aggregate principal amount of the applicable debt securities may on behalf of the holders of all of such debt
securities waive any existing default or event of default with respect to such debt securities and its consequences, except a continuing
default or event of default in the payment of the principal of or interest on the debt securities or in respect of a covenant or
provision of the applicable indenture which cannot be amended or modified without the consent of all holders of the applicable
debt securities.</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 holders of not less than a majority in aggregate
principal amount of the applicable debt securities may direct the time, method and place of conducting any proceeding for exercising
any remedy available to the applicable trustee or exercising any trust or power conferred on such trustee with respect to such
debt securities, subject to the trustee's right to receive indemnity satisfactory to it.</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-indent: 0.5in">Except to enforce the right to receive payment
of principal or interest, when due, no holder of debt securities may pursue any remedy with respect to the indenture applicable
to such holder's debt securities unless:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such holder has previously given the applicable trustee written notice of a continuing event of default with respect to such debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the holders of at least 25% in aggregate principal amount of the then outstanding applicable debt securities have made a written request to the applicable trustee to pursue the remedy with respect to such default in its own name as such trustee under such indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such holders offer and provide to the applicable trustee security or indemnity acceptable to such trustee against any costs, expenses and liabilities to be incurred in compliance with such request;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the applicable trustee has not complied with such request within 60 days after receipt of the request and the offer and the provision of security or indemnity acceptable to such trustee; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the holders of a majority in aggregate principal amount of the then outstanding applicable debt securities do not give the trustee a direction inconsistent with the request within such 60-day period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Satisfaction and Discharge</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 applicable indenture will be discharged
and will cease to be of further effect as to all debt securities issued pursuant to such indenture, when:</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: 4.5pt 0 0"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0"><B><I>&nbsp;&nbsp;</I></B></P>

<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: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either:</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: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
such debt securities that have been authenticated, except lost, stolen or destroyed debt securities that have been replaced or
paid and such debt securities for whose payment money has been deposited in trust and thereafter repaid to us or discharged from
such trust, have been delivered to the applicable trustee for cancellation; or</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: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
such debt securities not previously delivered to the applicable trustee for cancellation have become due and payable by reason
of the mailing of a notice of redemption or otherwise, or will become due and payable within one year and we have irrevocably deposited
with the applicable trustee (or the paying agent if other than the trustee), in trust, for the benefit of the holders of the debt
securities, cash in United States dollars, non-callable government securities or a combination thereof, in such amounts as will
be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay and discharge the entire
indebtedness on the applicable debt securities not delivered to the trustee for cancellation for principal and accrued interest,
to the date of maturity or redemption;</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">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have paid or caused to be paid all sums payable by us under the applicable indenture with respect to the debt securities;</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">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered irrevocable instructions to the applicable trustee to apply the deposited money toward the payment of the debt securities
at maturity or on the redemption date, as the case may be; and</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">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the applicable trustee an officers&rsquo; certificate and an opinion of counsel stating that the conditions precedent
to the satisfaction and discharge of the debt securities have been satisfied.</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>Legal Defeasance and Covenant Defeasance</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"><I>Legal Defeasance</I>.&nbsp; We will be deemed
to have paid and will be discharged from any and all obligations in respect of a series of debt securities and the related indenture
on the 91st&nbsp;day after we have made the deposit referred to below, and the provisions of such indenture will cease to be applicable
with respect to such debt securities (except for, among other matters, certain obligations to register the transfer of or exchange
of such debt securities, to replace stolen, lost or mutilated debt securities, to maintain paying agencies and to hold funds for
payment in trust) if:</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">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have irrevocably deposited with the applicable trustee, in trust, for the benefit of the holders of such debt securities, cash
in United States dollars, non-callable government securities, or a combination thereof, in such amounts as will be sufficient,
in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and accrued interest
on such debt securities at the time such payments are due in accordance with the terms of the applicable indenture;</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-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the applicable trustee:</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: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
opinion of counsel to the effect that holders of such debt securities will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of the defeasance and will be subject to U.S. federal income tax on the same amounts and in the
same manner and at the same times as would have been the case if such defeasance had not occurred, which opinion of counsel must
be based upon a ruling of the U.S. Internal Revenue Service, referred to as the IRS, to the same effect or a change in applicable
U.S. federal income tax law or related treasury regulations after the date of the applicable indenture;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
opinion of counsel confirming that, among other things, the defeasance trust does not constitute an &ldquo;investment company&rdquo;
within the meaning of the Investment Company Act of 1940, as amended; and</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-indent: 0.5in"></P>

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<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">&nbsp;</P>

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

<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: 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
opinion of counsel to the effect that (subject to customary qualifications and assumptions) after the 91st&nbsp;day following the
deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar
laws affecting creditors&rsquo; rights generally;</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">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
default (as defined above) or event of default with respect to such debt securities will have occurred and be continuing on the
date of such deposit, or insofar as events of default due to certain events of bankruptcy, insolvency or reorganization in respect
of us are concerned, during the period ending on the 91st&nbsp;day after the date of such deposit, and such deposit shall not (i)
cause the applicable trustee to have a conflicting interest within the meaning of the Trust Indenture Act in respect of such debt
securities or (ii) result in a breach or violation of, or constitute a default under, any material agreement or instrument (other
than the applicable indenture) to which we are a party or by which we are bound;</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">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the applicable trustee an officers&rsquo; certificate stating that the deposit was not made by us with the intent
of preferring the holders of such debt securities over any other creditors of ours or with the intent of defeating, hindering,
delaying or defrauding any other creditors of ours;</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">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the applicable trustee an officers&rsquo; certificate and an opinion of counsel, each stating that, subject to
customary assumptions and exclusions, all conditions precedent provided for or relating to the defeasance have been complied with;
and</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">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicable trustee shall have received such other documents, assurances and opinions of counsel as such trustee shall have reasonably
required.</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-indent: 0.5in"><I>Covenant Defeasance</I>.&nbsp;&nbsp;We will
not need to comply with the restrictive covenants described in any prospectus supplement with respect to a series of debt securities
and other covenants relating to, among other matters, our furnishing of periodic reports under the Exchange Act, to the trustee,
our maintenance of our corporate existence and the maintenance of our properties, and the applicable provisions of an indenture,
if any, will cease to be applicable with respect to an event of default under the debt securities other than an event of default
due to our failure to pay the principal of or interest on the notes when due, upon:</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">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
satisfaction of the conditions described in clauses 1, 2(ii), 2(iii), 3, 4 and 5 under &quot;&mdash;<I>Legal Defeasance</I>;&quot;
and</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">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
delivery to the applicable trustee of an opinion of counsel confirming that, subject to customary assumptions and exclusions, the
holders of such debt securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
covenant defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times
as would have been the case if such covenant defeasance had not occurred.</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">If we exercise our option to omit compliance
with certain provisions of an applicable indenture as described in the immediately preceding paragraph and such debt securities
are declared due and payable because of the occurrence of an event of default that remains applicable, the amount of money and/or
non-callable government securities on deposit with the applicable trustee may not be sufficient to pay amounts due on such debt
securities at the time of acceleration resulting from such event of default. In such event, we will remain liable for such payments.</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: 4.5pt 0 0"><B>Supplemental Indentures/Amendments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as set forth below, we and the trustee
under the applicable indenture may enter into an indenture supplemental to such indenture, with the consent of the holders of not
less than a majority in principal amount of the debt securities then outstanding and affected by such amendment, voting as a single
class. However, without the consent of each affected holder of such debt securities, an amendment may not:</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reduce the principal amount of such debt securities;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&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-indent: 0.5in"></P>

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<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: 4.5pt 0 0"></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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the rate of or extend the time for payment of interest on such debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the principal of or change the maturity date of such debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the amount of the principal which would be due and payable upon an acceleration of the stated maturity thereof;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">waive a default or event of default in the payment of the principal or interest on any such debt securities (except a rescission of acceleration of such debt securities, where permitted, by the holders of at least a majority in principal amount of such debt securities outstanding and a waiver of the payment default that resulted from such acceleration);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make any such debt securities payable in money other than those stated in such debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">waive a redemption payment with respect to such debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">impair the right of any holder to institute suit for the enforcement of any payment with respect to such debt securities; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make any changes to the sections of the applicable indenture regarding waiver of past defaults, the unconditional rights of holders to receive payment or the prohibition on amendments reducing the principal amount of or interest on, or extending the time for payment on, any such debt securities without the consent of each affected holder.</FONT></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">We and the trustee under the applicable indenture
may enter into one or more indentures supplemental to the applicable indenture, without the consent of any holder of debt securities
covered by such indenture, for any of the following purposes:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to cure any ambiguity, defect or inconsistency;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to provide for the assumption of the Company&rsquo;s obligations to holders of such debt securities by a successor to the Company pursuant to the applicable indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to make any change that would provide any additional rights or benefits to the holders of such debt securities or that does not adversely affect the legal rights under the applicable indenture of any such holder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to provide for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted by the applicable indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to comply with requirements of the SEC in order to effect or maintain the qualification of an indenture under the TIA;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to conform the text of the applicable indenture or such debt securities to any provision of the description thereof set forth in this prospectus or any related prospectus supplement or term sheet;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to add any guarantor or to provide any collateral to secure any such debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to add additional obligors under the applicable indenture and such debt securities; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the debt securities of one or more series and to add to or change any of the provisions of the applicable indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the requirements for the holders
to waive a default and to pursue a remedy with respect to an indenture or the debt securities covered thereby and the rights of
any holder of such debt securities to receive payment of principal of and interest on such debt securities, holders of a majority
in aggregate principal amount of the applicable debt securities voting as a single class may waive compliance in a particular instance
by us with any provision of the applicable indenture or the debt securities covered thereby, except as otherwise stated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Consolidations, Mergers and Sales of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">We may not merge or consolidate with
any other corporation or sell or convey all or substantially all of our assets to any other corporation, unless either:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">we are the continuing corporation, or the successor corporation
        or the person that acquires all or substantially all of our assets is a corporation organized and existing under the laws of the
        United States or a state thereof or the District of Columbia and expressly assumes all our obligations under the outstanding debt
        securities and the indentures;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">immediately after giving effect to such merger, consolidation, sale,
        lease or conveyance there is no default (as defined above) or event of default under the indentures; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we shall have delivered to the trustees an officers&rsquo; certificate and an opinion of counsel, each stating, among other things, that such transaction complies with the terms of the indentures and that all conditions precedent provided for in the indentures relating to such transaction have been complied with.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Upon any such consolidation or merger,
sale, lease or conveyance, the successor corporation formed, or into which we are merged or to which such sale, conveyance or transfer
is made, shall succeed to, and be substituted for, us under the indentures with the same effect as if it had been an original party
to the indentures. As a result, we will be released from all our liabilities and obligations under the indentures and under the
debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">There are no covenants or other provisions
in the indenture that would afford holders of debt securities additional protection in the event of a recapitalization transaction,
a change of control of us or a highly leveraged transaction. The merger covenant described above would only apply if the recapitalization
transaction, change of control or highly leveraged transaction were structured to include a merger or consolidation of us, or a
sale or conveyance or lease of all or substantially all of our assets. However, we may provide specific protections, such as a
put right or increased interest, for particular debt securities, that we would describe in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Although there is a limited body of case
law interpreting the phrase &ldquo;substantially all&rdquo; and similar phrases, 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;substantially all&rdquo; of the property or assets of a person.<BR>
<BR>
<B><BR>
Governing Law<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The indentures and debt securities will be governed
by and construed in accordance with the laws of the State of New York.</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-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="depositaryshares"></A>DESCRIPTION OF DEPOSITARY SHARES</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 description, together with the
additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions of
the depositary shares that we may offer under this prospectus and the related depository agreements and depository receipts. While
the terms summarized below will apply generally to any depositary shares that we may offer, we will describe the particular terms
of any series of depositary shares in more detail in the applicable prospectus supplement. If we indicate in the prospectus supplement,
the terms of any depositary shares offered under that prospectus supplement may differ from the terms described below. Specific
depositary agreements and depositary receipts relating thereto will contain additional important terms and provisions and will
be incorporated by reference as an exhibit to the registration statement, which includes this prospectus. We urge you to read the
applicable prospectus supplement and any related free writing prospectus, as well as the complete depositary agreements and depositary
receipts certificates that contain the terms of the depositary shares.</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"><B>General</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 may, at our option, elect to offer and issue
fractional shares of preferred stock rather than full shares of preferred stock. In such event, we will issue receipts for depositary
shares, called depositary receipts, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will deposit the shares of any series of
the preferred stock underlying the depositary shares under a separate deposit agreement between us and a bank or trust company
selected by us, known as a depositary, having its principal office in the United States, and having a combined capital and surplus
of at least $50 million. The applicable prospectus supplement will provide the name and address of the depositary. Subject to the
terms of the deposit agreement, each owner of a depositary share will have a fractional interest in all the rights and preferences
of the preferred stock underlying the depositary share. These rights include any dividend, voting, redemption, conversion and liquidation
rights.</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 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 and deposit agreement.</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">While the final depositary receipts are being
prepared, we may order the depositary, in writing, to issue temporary depositary receipts substantially identical to the final
depositary receipts although not in final form. This will entitle the holders to all the rights relating to the final depositary
receipts. Final depositary receipts will be prepared without unreasonable delay, and the holders of the temporary depositary receipts
can exchange them for the final depositary receipts at our expense.</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"><B>Dividends and Other Distributions</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 depositary will distribute all cash dividends
or other cash distributions received for the preferred stock (less any taxes required to be withheld) to the record holders of
depositary shares representing the preferred stock in proportion to the number of depositary shares that the holders own on the
relevant record date. The depositary will distribute only the amount that can be distributed without attributing to any holder
of depositary shares a fraction of one cent. The balance not distributed will be added to and treated as part of the next sum that
the depositary receives for distribution to record holders of depositary shares.</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">If there is a distribution other than in cash,
the depositary will distribute property to the record holders of depositary shares that are entitled to it, unless the depositary
determines that it is not feasible to make this distribution. If this occurs, the depositary may, with our approval, sell the property
and distribute the net proceeds from the sale to the holders of depositary shares.</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-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Redemption of Preferred Stock</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">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 depositary resulting
from the redemption, in whole or in part, of such series of preferred stock. The depositary shares will be redeemed by the 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 so redeemed.</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">From and after the date fixed for redemption,
the depositary shares called for redemption will no longer be outstanding. When the depositary shares are no longer outstanding,
all rights of the holders of depositary shares will cease, except the right to receive money or property that the holders of the
depositary shares were entitled to receive on redemption. The payments will be made when holders surrender their depositary receipts
to the depositary.</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"><B>Conversion and Exchange</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">Unless the applicable prospectus supplement
indicates otherwise, the series of preferred stock underlying the depositary shares will not be convertible or exchangeable into
any other class or series of our capital stock.<BR>
<BR>
<B>Withdrawal of Preferred Stock</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; text-indent: 0.5in">If you surrender depositary receipts at the
principal corporate trust office of the depositary (unless the related depositary shares have previously been called for redemption),
you are entitled to receive at that office, should you so request, the number of shares of preferred stock and any money or other
property represented by the depositary shares. We will not issue partial shares of preferred stock. If you deliver a number of
depositary receipts evidencing a number of depositary shares that represent more than a whole number of depositary shares of preferred
stock to be withdrawn, the depositary will issue you a new depositary receipt evidencing the excess number of depositary shares
at the same time that the preferred stock is withdrawn. Holders of preferred stock will no longer be entitled to deposit these
shares under the deposit agreement or to receive depositary shares in exchange for those withdrawn shares of preferred stock. We
cannot assure you that a market will exist for the withdrawn preferred stock.</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"><B>Voting Deposited Preferred Stock</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">Upon receipt of notice of any meeting at which
the holders of any series of deposited preferred stock are entitled to vote, the depositary will mail the information contained
in such notice of meeting to the record holders of the depositary shares relating to such series of preferred stock. Each record
holder of such depositary shares on the record date will be entitled to instruct the depositary to vote the amount of the preferred
stock represented by such holder&rsquo;s depositary shares. The depositary will try 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; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will agree to take all reasonable actions
that the depositary determines are necessary to enable the depositary to vote as instructed. The depositary will not vote any preferred
stock if it does not receive specific instructions from the holders of depositary shares relating to the preferred stock.</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"><B>Amendment and Termination of the Deposit Agreement</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">Unless otherwise provided in the applicable
prospectus supplement or required by law, the form of depositary receipt evidencing the depositary shares and any provision of
the deposit agreement may be amended at any time by an agreement between us and the depositary. A deposit agreement may be terminated
by either the depositary or us only if:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">all outstanding depositary shares have been redeemed;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 89%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">each share of preferred stock has been converted into or exchanged
        for common stock; or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there has been a final distribution on the preferred stock of the relevant series in connection with our liquidation, dissolution or winding up and the distribution has been distributed to the holders of the related depositary receipts evidencing the depositary shares.</FONT></TD></TR>
</TABLE>
<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"><B>Charges of Depositary</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 will pay all transfer and other taxes and
governmental charges arising solely from the existence of the depositary arrangements. We will pay charges of the depositary associated
with the initial deposit and any redemption of the preferred stock. Holders of depositary shares will pay transfer and other taxes
and governmental charges, and any other charges that are stated to be their responsibility in the deposit agreement.</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"><B>Resignation and Removal of Depositary</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 depositary may resign at any time by delivering
notice to us. We also may remove the depositary at any time. Resignations or removals will be effective when a successor depositary
is appointed, and when the successor accepts the appointment. A successor depositary must be appointed within 60 days after delivery
of the notice of resignation or removal. A successor depositary must be a bank or trust company having its principal office in
the United States, and having a combined capital and surplus of at least $50 million.</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"><B>Miscellaneous</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 depositary will forward all reports and
communications from us that are delivered to the 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; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the depositary nor we will be liable
if it is prevented or delayed by law or any circumstances beyond its control in performing its obligations under the deposit agreement.
Our obligations and the obligations of the depositary under the deposit agreement will be limited to good faith performance of
their duties thereunder, and they 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 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.<BR>
<BR>
<BR STYLE="clear: both">
</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: center"><B><A NAME="warrants"></A>DESCRIPTION OF WARRANTS</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 description, together with the
additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions of
the warrants that we may offer under this prospectus and the related warrant agreements and warrant certificates. While the terms
summarized below will apply generally to any warrants that we may offer, we will describe the particular terms of any series of
warrants in more detail in the applicable prospectus supplement. If we indicate in the prospectus supplement, the terms of any
warrants offered under that prospectus supplement may differ from the terms described below. Specific warrant agreements will contain
additional important terms and provisions and will be incorporated by reference as an exhibit to the registration statement of
which this prospectus forms a part. We urge you to read the applicable prospectus supplement and any related free writing prospectus,
as well as the complete warrant agreements and warrant certificates that contain the terms of the warrants.</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"><B>General</B></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-indent: 0.5in">We may issue warrants for the purchase of common
stock, preferred stock and/or debt securities. Warrants may be issued separately or together with common stock, preferred stock
or debt securities offered and issued by any prospectus supplement and may be attached to or separate from such common stock, preferred
stock or debt securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between
us and a bank or trust corporation, as warrant agent, all as set forth in the prospectus supplement relating to the particular
issue of warrants.</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-indent: 0.5in">We will describe in the applicable prospectus
supplement the terms of the particular warrants being offered and issued and the applicable warrant agreement, including, where
applicable:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the title of the warrants;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the offering price for the warrants;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the aggregate number of warrants offered;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the designation and terms of the common stock, preferred stock or
        debt securities, if any, purchasable upon exercise of the warrants;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the designation and terms of the common stock, preferred stock or
        debt securities, if any, with which the warrants are issued and the number of warrants issued with each of these securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the date after which the warrants and any common stock, preferred
        stock or debt securities, if any, issued with the warrants will be separately transferable;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">in the case of warrants to purchase common stock or preferred stock,
        the number of shares of common stock or preferred stock, as the case may be, purchasable upon the exercise of one warrant and the
        price at which these shares may be purchased upon such exercise;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">in the case of warrants to purchase debt securities, the principal
        amount of debt securities purchasable upon exercise of one warrant and the price at, and currency in which, the principal amount
        of debt securities may be purchased upon such exercise;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the dates on which the right to exercise the warrants begins and
        expires;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the minimum or maximum amount of the warrants that may be exercised
        at any one time;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 89%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the periods during which, and places at which, the warrants are
        exercisable;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the manner of exercise;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the currency, currencies or currency units in which the offering
        price, if any, and the exercise price are payable;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">a discussion of certain United States federal income tax considerations;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any provisions for changes to or adjustments in the exercise price
        or number of securities issuable upon exercise of the warrants;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">any redemption or call provisions applicable to the warrants;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the effect of any merger, consolidation, sale or other disposition
        of our business on the warrant agreement and the warrants; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other terms, preferences, rights or limitations of or restrictions on the warrants.</FONT></TD></TR>
</TABLE>
<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-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrant
certificates may be exchanged for new warrant certificates of different denominations, 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 applicable prospectus
supplement. Prior to the exercise of any warrants to purchase common stock or preferred stock, holders of such warrants will not
have any rights of holders of the common stock or preferred stock purchasable upon such exercise, including the right to receive
payments of dividends, if any, on the common stock or preferred stock purchasable upon such exercise or to exercise any applicable
right to vote. Prior to the exercise of any warrant to purchase debt securities, holders of such warrants will not have any of
the rights of holders of the debt securities purchasable upon such exercise, including the right to receive payments of principal
of, premium, if any, or interest, if any, on the debt securities purchasable upon such exercise or to enforce covenants in the
applicable indenture.</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"><B>Exercise of Warrants</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">Each warrant will entitle the holder to purchase
such shares of common stock or preferred stock or principal amount of debt securities, as the case may be, at such exercise price
as shall in each case be set forth in, or calculable from, the prospectus supplement relating to the warrants we propose to offer
and issue. After the close of business on the expiration date of the warrants (or such later date to which such expiration date
may be extended by us), unexercised warrants will become void.</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-indent: 0.5in">&nbsp;</P>


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<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><A NAME="units"></A>DESCRIPTION OF UNITS</B></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; text-indent: 0.5in">The following description, together with the
additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions of
the units that we may offer under this prospectus and any related unit agreements that we may enter into. While the terms summarized
below will apply generally to any units that we may offer, we will describe the particular terms of any series of units in more
detail in the applicable prospectus supplement. If we indicate in the prospectus supplement, the terms of any units offered under
that prospectus supplement may differ from the terms described below. Specific unit agreements will contain additional important
terms and provisions and will be incorporated by reference as an exhibit to the registration statement, which includes this prospectus.
We urge you to read the applicable prospectus supplement and any related free writing prospectus, as well as the complete unit
agreements that contain the terms of the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.05pt">We may issue units comprised of two or more
of the other securities described in this prospectus in any combination and in one or more series.&nbsp; We may evidence each series
of units by unit certificates that we will issue under a separate agreement. We may enter into unit agreements with a unit agent.
Each unit agent will be a bank or trust company that we select. We will indicate the name and address of the unit agent in the
applicable prospectus supplement relating to a particular series of units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 37.05pt">We will describe in the applicable prospectus
supplement the terms of the particular warrants being offered and issued and the applicable warrant agreement, including, where
applicable:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the title of the series of units;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the price or prices at which such units will be issued;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the designation and terms of the units and of the securities comprising
        the units, including whether and under what circumstances those securities may be held or transferred separately;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the terms of the unit agreement governing the units;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">a discussion of certain United States federal income tax considerations; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other terms of the units and of the securities comprising the units.</FONT></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 provisions described in this section, as
well as those described under &ldquo;Description of Common Stock,&rdquo; &ldquo;Description of Preferred Stock,&rdquo; &ldquo;Description
of Debt Securities,&rdquo; &ldquo;Description of Depositary Shares&rdquo; and &ldquo;Description of Warrants&rdquo; will apply
to the securities included in each unit, to the extent relevant and as may be updated in any prospectus supplements.</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>

<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"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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><A NAME="planofdist"></A>PLAN OF DISTRIBUTION</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 may sell the securities:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through underwriters;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">through dealers;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">through agents;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">directly to purchasers; or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through a combination of any of these methods or any other method permitted by law.</FONT></TD></TR>
</TABLE>
<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-indent: 0.5in">We also may issue the securities as a dividend
or distribution or in a subscription rights offering to our existing security holders.</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-indent: 0.5in">We may directly solicit offers to purchase securities,
or agents may be designated to solicit such offers. In the prospectus supplement relating to such offering, we will name any agent
that could be viewed as an underwriter under the Securities Act and describe any commissions that we are obligated to pay to any
such agent. Any such agent will be acting on a best efforts basis for the period of its appointment or, if indicated in the applicable
prospectus supplement, on a firm commitment basis.</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-indent: 0.5in">This prospectus may be used in connection with
any offering of our securities through any of these methods or other methods described in the applicable prospectus supplement.</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-indent: 0.5in">Each time that we use this prospectus to sell
our securities, we will provide a prospectus supplement that describes the method of distribution of the securities and will set
forth the specific terms of the offering of securities, including, as applicable:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the name or the underwriter, dealer or agent;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the public offering or purchase price of the securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any discounts and commissions to be allowed or paid to the underwriter or agent;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all other items constituting underwriting compensation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any discounts and commissions to be allowed or paid to dealers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any over-allotment option we grant to the underwriter under which the underwriter may purchase additional securities from us; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any securities exchanges on which the securities will be listed.</FONT></TD></TR>
</TABLE>
<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-indent: 0.5in">If an underwriter is utilized in the sale of
the securities being offered by this prospectus or any prospectus supplement, an underwriting agreement will be executed under
which the underwriter will make resales of the securities to the public. In connection with the sale of the securities, we or the
purchasers of securities for whom the underwriter may act as agent, may compensate the underwriter in the form of underwriting
discounts or commissions. The underwriter may sell the securities to or through dealers, and those dealers may receive compensation
in the form of discounts, concessions or commissions from the underwriter and/or commissions from the purchasers for which they
may act as agent. Unless otherwise indicated in a prospectus supplement, an agent will be acting on a best efforts basis. If a
dealer is utilized in the sale of the securities being offered by this prospectus or any prospectus supplement, the securities
will be sold to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined
by the dealer at the time of resale.</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-indent: 0.5in"></P>

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<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any compensation paid to underwriters, dealers
or agents in connection with the offering of the securities, and any discounts, concessions or commissions allowed by underwriters
to participating dealers will be provided in the applicable prospectus supplement. Underwriters, dealers and agents participating
in the distribution of the securities may be deemed to be underwriters within the meaning of the Securities Act, and any discounts
and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts
and commissions.</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-indent: 0.5in">If we offer securities in a subscription rights
offering to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting as standby underwriters.
We may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we do not
enter into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us.</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-indent: 0.5in">We may enter into agreements to indemnify underwriters,
agents and dealers against civil liabilities, including liabilities under the Securities Act, or to contribute to payments they
may be required to make in respect thereof and to reimburse those persons for certain expenses.</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-indent: 0.5in">Certain underwriters, agents and dealers, and
their associates and affiliates, may be customers of, have borrowing relationships with, engage in other transactions with, or
perform services, including investment banking services, for us or one or more of our respective affiliates in the ordinary course
of business.</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-indent: 0.5in">The sale and distribution of the securities
may be effected from time to time in one or more transactions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">at a fixed price or prices, which may be changed;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">at market prices prevailing at the time of sale;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">at prices related to such prevailing market prices; or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at negotiated prices.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Each prospectus supplement will describe
the method of distribution of the securities and any applicable conditions or restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">In order to facilitate the offering of
the securities, any underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the securities
or any other securities the prices of which may be used to determine payments on such securities. Specifically, any underwriters
may over allot in connection with the offering, creating a short position for their own accounts. In addition, to cover overallotments
or to stabilize the price of the securities or of any such other securities, the underwriters may bid for, and purchase, the securities
or any such other securities in the open market. In any offering of the securities through a syndicate of underwriters, the underwriting
syndicate also may reclaim selling concessions allowed to an underwriter or a dealer for distributing the securities in the offering
if the syndicate repurchases previously distributed securities in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of the securities above independent
market levels. Any such underwriters are not required to engage in these activities and may end any of these activities at any
time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">We may engage in at the market offerings
into an existing trading market in accordance with Rule 415(a)(4) under the Securities Act. In addition, we may enter into derivative
transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions.
If the applicable prospectus supplement so indicates, in connection with those derivatives, the third parties may sell securities
covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party
may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings
of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of
stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be named
in the applicable prospectus supplement or a post-effective amendment. In addition, we may otherwise loan or pledge securities
to a financial institution or other third party that in turn may sell the securities short using this prospectus and an applicable
prospectus supplement. Such financial institution or other third party may transfer its economic short position to investors in
our securities or in connection with a concurrent offering of other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Under Rule 15c6-1 of the Exchange Act,
trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly
agree otherwise. The applicable prospectus supplement may provide that the original issue date for your securities may be more
than two scheduled business days after the trade date for your securities. Accordingly, in such a case, if you wish to trade securities
on any date prior to the second business day before the original issue date for your securities, you will be required, by virtue
of the fact that your securities initially are expected to settle in more than two scheduled business days after the trade date
for your securities, to make alternative settlement arrangements to prevent a failed settlement.</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 securities may be new issues of securities
and may have no established trading market. We may elect to list other securities we offer pursuant to this prospectus and an applicable
prospectus supplement on a national securities exchange, but we are not obligated to do so.&nbsp;&nbsp;Any underwriters who purchase
securities from us for public offering and sale may make a market in those securities, but these underwriters will not be obligated
to do so and may discontinue any market making at any time without notice.&nbsp;&nbsp;We cannot assure you that there will be a
trading market for any securities, and, if a trading market for any securities does develop, we cannot assure you that such market
will be liquid.</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-indent: 0.5in">The specific terms of any lock-up provisions
in respect of any given offering will be described in the applicable prospectus supplement.</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-indent: 0.5in">&nbsp;</P>


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<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"><A NAME="legal"></A><B>LEGAL MATTERS</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">Unless otherwise indicated in the applicable
prospectus supplement, the validity of the securities offered by us pursuant to this prospectus will be passed upon for us by Stradley
Ronon Stevens&nbsp;&amp; Young, LLP, Philadelphia, Pennsylvania.</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; text-align: center"><A NAME="experts"></A><B>EXPERTS</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 consolidated financial statements incorporated
herein by reference from the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019, and the effectiveness
of the Company&rsquo;s internal control over financial reporting have been audited by Deloitte &amp; Touche LLP, an independent
registered public accounting firm, as stated in their reports which are incorporated herein by reference. Such consolidated financial
statements have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting
and auditing.</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 consolidated financial statements as of
December 31, 2018 and for each of the years ended December 31, 2018 and 2017 incorporated in this prospectus have been so incorporated
in reliance upon the report of BDO USA, LLP, an independent registered public accounting firm, incorporated herein by reference,
given on the authority of said firm as experts in accounting and auditing.</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"><A NAME="reference"></A><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</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 SEC allows us to incorporate by reference
the information that we file with the SEC, which means that we can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to be part of this prospectus and any prospectus supplement.
These documents may include periodic reports, such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K and Definitive Proxy Statements. Any documents that we subsequently file with the SEC will automatically update and
replace the information we previously filed with the SEC. Therefore, in the case of a conflict or inconsistency between information
set forth in this prospectus or any prospectus supplement and information incorporated by reference into this prospectus or any
prospectus supplement, you should rely on the information contained in the document that was filed later.</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">This prospectus incorporates by reference the
documents listed below that we previously have filed with the SEC (other than, in each case, documents or information deemed to
have been furnished and not filed in accordance with SEC rules):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020 (including the information specifically incorporated by reference therein from our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 13, 2020);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 11, 2020;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Current Reports on Form 8-K filed with the SEC on March 5, 2020, April 20, 2020 and May 28, 2020; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of our common stock contained in our Registration Statement on Form 8-A, filed with the SEC on May 15, 2013, including any amendment or report filed for the purpose of updating such description.</FONT></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">We are also incorporating by reference all other
documents that we subsequently file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (i) on or after
the date of filing of the registration statement containing this prospectus and prior to the effectiveness of the registration
statement and (ii) on or after the date of this prospectus until the earlier of the date on which all of the securities registered
hereunder have been sold or this registration statement has been withdrawn.</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-indent: 0.5in"></P>

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<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any statement contained in this prospectus,
any prospectus supplement or in a document incorporated or deemed to be incorporated by reference herein or therein shall be deemed
to be modified or superseded for purposes of this prospectus and any prospectus supplement to the extent that a statement contained
in any subsequently filed document which is or is deemed to be incorporated by reference herein or therein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this prospectus or any prospectus supplement.</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">You may obtain a copy of any or all of the documents
incorporated by reference in this prospectus and any prospectus supplement from the SEC on its web site at www.sec.gov. You also
may obtain these documents from us without charge (other than an exhibit to a document unless that exhibit is specifically incorporated
by reference into that document) by requesting them from Michael De Tommaso, Corporate Secretary, Customers Bancorp, Inc., 1015
Penn Avenue, Suite 103, Wyomissing, PA 19610; telephone (610) 933-2000.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="findmore"></A>WHERE YOU CAN FIND MORE INFORMATION</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 file annual, quarterly and current reports,
proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements
and other information regarding issuers that file electronically with the SEC. The address of the SEC&rsquo;s website is www.sec.gov.
In addition, we maintain a website that contains information about us, including documents we have filed with the SEC, at www.customersbank.com.
Except for our SEC filings incorporated by reference into this prospectus and any prospectus supplement that are available through
our website, or as otherwise expressly stated herein, the information found on, or otherwise accessible through, our website is
not incorporated into, and does not form a part of, this prospectus or any prospectus supplement or any other report or document
we file with or furnish to the SEC.</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 filed with the SEC a registration statement
that registers the offer and sale of the securities offered by this prospectus. This prospectus is part of the registration statement,
but the registration statement, including the accompanying exhibits included or incorporated by reference therein, contains additional
relevant information about us. The rules and regulations of the SEC allow us to omit certain information included in the registration
statement from this prospectus. The registration statement may contain additional information that may be important to you. You
can obtain a copy of the registration statement and the exhibits and schedules from the SEC at our address listed above or from
the SEC&rsquo;s website. Forms of indentures and other documents establishing the terms of the offered securities are or may be
filed as exhibits to the registration statement or documents incorporated by reference in the registration statement. Statements
in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects
by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the
relevant matters.</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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CUSTOMERS BANCORP, INC.</B></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; text-align: center"><B>$500,000,000</B></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>Voting Common Stock</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________________</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; text-indent: 24.5pt"><B>These securities are
not savings accounts or deposits and are not federally insured or guaranteed.</B></P>

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

<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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>, 2020</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></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; text-align: center"><B><A NAME="partii"></A>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</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 STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 14.</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Expenses of Issuance and Distribution.</B></FONT></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 following table sets forth the estimated
costs and expenses in connection with the issuance and distribution of the securities being registered, all of which will be paid
by Customers Bancorp, Inc. All amounts are estimates except with respect to the SEC registration fee.</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 STYLE="vertical-align: top">
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC registration fee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64,900</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINRA filing fee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting fees and expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer agent fees and expenses&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee fees and expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant agent fees and expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing fees and expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blue Sky qualification fees and expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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">* These fees will depend on the securities offered, the number of
issuances and the nature of offerings, and cannot be estimated at this time.</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 STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 15.</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification of Directors and Officers.</B></FONT></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">Section 1713 of Subchapter B of Chapter 17 of
the Pennsylvania Business Corporation Law (&ldquo;PBCL&rdquo;) permits a Pennsylvania corporation to limit the personal liability
of its directors for monetary damages, subject to certain limitations and conditions. Sections 1741 through 1750 of Subchapter
D, Chapter 17, of the PBCL contain provisions for mandatory and discretionary indemnification of a corporation&rsquo;s directors,
officers and other personnel, and related matters.</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-indent: 0.5in">Article Eight of the registrant&rsquo;s bylaws
limits the personal liability of directors for monetary damages and provides for indemnification of officers and directors, as
described below. These provisions may not be amended to increase the directors&rsquo; exposure to liability or to decrease the
indemnification to directors, officers or others except by the affirmative vote of two-thirds of the entire board of directors
or 80% of the votes which all shareholders are entitled to cast.</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-indent: 0.5in">Under Section 1713 of the PBCL, if a bylaw adopted
by the shareholders so provides, a director shall not be personally liable, as such, for monetary damages for any action taken
unless (i) the director has breached or failed to perform the duties of his or her office as provided in the applicable subchapter
of the PBCL and (ii) such breach or failure to perform constitutes self-dealing, willful misconduct or recklessness. The bylaw
cannot eliminate the personal liability of directors for any responsibility or liability of a director under a criminal statute
or liability for the payment of taxes pursuant to Federal, State or local law.</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-indent: 0.5in"></P>

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<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 8.01 of the registrant&rsquo;s bylaws
provides that, to the fullest extent permitted under Subchapter B of Chapter 17 of the PBCL, directors shall not be personally
liable to the corporation or its shareholders or others for monetary damages for any action taken or any failure to take any action.
Consistent with the limitations provided in Section 1713 of the PBCL, this bylaw provision does not apply if the director has breached
or failed to perform the duties of his or her office and such breach or failure constitutes self-dealing, willful misconduct or
recklessness, and also does not apply to the responsibility or liability of a director under any criminal statute or with respect
to the payment of taxes pursuant to local, state or federal law.</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-indent: 0.5in">Under Section 1741 of the PBCL, subject to certain
limitations, a corporation has the power to indemnify directors and officers under certain prescribed circumstances against expenses
(including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection
with an action or proceeding, whether civil, criminal, administrative or investigative (other than derivative or corporate actions),
to which any such officer or director is a party or is threatened to be made a party by reason of such officer or director being
a representative of the corporation or serving at the request of the corporation as a representative of another domestic or foreign
corporation for profit or not-for-profit, partnership, joint venture, trust or other enterprise, so long as the director or officer
acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation and,
with respect to any criminal proceeding, such officer or director had no reasonable cause to believe his or her conduct was unlawful.</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-indent: 0.5in">Section 1742 of the PBCL permits indemnification
in derivative and corporate actions if the director or officer acted in good faith and in a manner reasonably believed to be in,
or not opposed to, the best interests of the corporation, except in respect of any claim, issue or matter as to which the officer
or director has been adjudged to be liable to the corporation unless and only to the extent that the proper court determines upon
application that, despite the adjudication of liability but in view of all the circumstances of the case, the officer or director
is fairly and reasonably entitled to indemnity for the expenses that the court deems proper.</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-indent: 0.5in">Under Section 1743 of the PBCL, indemnification
is mandatory to the extent that the officer or director has been successful on the merits or otherwise in defense of any action
or proceeding referred to in Section 1741 or 1742 of the PBCL.</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">Section 1744 of the PBCL provides that, unless
ordered by a court, any indemnification under Section 1741 or 1742 of the PBCL shall be made by the corporation only as authorized
in the specific case upon a determination that the officer or director met the applicable standard of conduct, and such determination
must be made (i) by the board of directors by a majority vote of a quorum of directors not parties to the action or proceeding,
(ii) if a quorum is not obtainable, or if obtainable and a majority vote of a quorum of disinterested directors so directs, by
independent legal counsel in a written opinion, or (iii) by the shareholders.</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-indent: 0.5in">Section 1745 of the PBCL provides that expenses
(including attorneys&rsquo; fees) incurred by a director or officer in defending any action or proceeding referred to in Subchapter
D of Chapter 17 of the PBCL may be paid by the corporation in advance of the final disposition of such action or proceeding upon
receipt of an undertaking by or on behalf of such person to repay such amount if it shall ultimately be determined that he or she
is not entitled to be indemnified by the corporation. Except as otherwise provided in the corporation&rsquo;s bylaws, advancement
of expenses must be authorized by the board of directors.</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-indent: 0.5in">Section 1746 of the PBCL provides generally
that the indemnification and advancement of expenses provided by Subchapter D of Chapter 17 of the PBCL shall not be deemed exclusive
of any other rights to which an officer or director seeking indemnification or advancement of expenses may be entitled under any
bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in the officer or director&rsquo;s
official capacity and as to action in another capacity while holding that office. In no event may indemnification be made in any
case where the act or failure to act giving rise to the claim for indemnification is determined by a court to have constituted
willful misconduct or recklessness.</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-indent: 0.5in">Section 1747 of the PBCL grants a corporation
the power to purchase and maintain insurance on behalf of any director or officer against any liability asserted against the officer
or director or incurred by the officer or director in his or her capacity as officer or director, whether or not the corporation
would have the power to indemnify the officer or director against that liability under Subchapter D of Chapter 17 of the PBCL.</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-indent: 0.5in"></P>

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<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Sections 1748 and 1749 of the PBCL extend the
indemnification and advancement of expenses provisions contained in Subchapter D of Chapter 17 of the PBCL to successor corporations
in fundamental changes and to officers and directors serving as fiduciaries of employee benefit plans.</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-indent: 0.5in">Section 1750 of the PBCL provides that the indemnification
and advancement of expenses provided by, or granted pursuant to, Subchapter D of Chapter 17 of the PBCL shall, unless otherwise
provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the
benefit of the heirs and personal representatives of such person.</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">Section 8.02 of the registrant&rsquo;s bylaws
requires the registrant to indemnify each of the registrant&rsquo;s directors and officers in such capacity in which any such director
or officer acts for or on behalf of the registrant, including as an employee or agent. Section 8.02(a) requires the registrant
to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact such person was a director or&nbsp;officer
of the registrant or its subsidiaries, or any other direct or indirect subsidiary of the corporation, or is or was serving at the
request of the registrant as a director or&nbsp;officer of another corporation or entity, against expenses (including attorney&rsquo;s
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such
action, suit or proceeding, to the fullest extent authorized or permitted by the laws of the Commonwealth of Pennsylvania. Section
8.02(b) requires the registrant to pay the expenses (including attorney&rsquo;s fees) incurred in defending a civil or criminal
action, suit or proceeding in advance of the final disposition of any action, suit or proceeding upon the receipt of (i) an undertaking
by or on behalf of the director or&nbsp;officer to repay such amount if it is ultimately determined that he or she is not entitled
to be indemnified as authorized under the bylaws and (ii) if requested at the discretion of the board of directors, adequate security
or a bond to cover such amounts for which it is ultimately determined that he or she is not entitled to such indemnity. Section
8.02(c) provides that the right to indemnification and advancement of expenses is not exclusive of any other right to which such
persons seeking indemnification and advancement of expenses may be entitled under any agreement, vote of shareholders or disinterested
directors, or otherwise. Section 8.02(d) provides that the registrant may purchase and maintain insurance on behalf of any person,
may enter into contracts of indemnification with any person and may create a fund of any nature for the benefit of any person and
may otherwise secure in any manner our obligations with respect to indemnification and advancement of expenses regardless of the
source of the indemnification right and without respect to whether or not the registrant would have the power to indemnify such
person under the bylaws.</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 foregoing is only a summary of certain aspects
of Pennsylvania law and the registrant's bylaws relating to limitation of liability and indemnification of directors and officers,
and does not purport to be complete. It is qualified in its entirety by reference to the detailed provisions of Sections 1713 and
Sections 1741 through 1750 of the PBCL and the registrant's bylaws.</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-indent: 0.5in">As permitted by the PBCL, the registrant maintains
directors and officers liability insurance in amounts and on terms which the registrant&rsquo;s board of directors deems reasonable.
In the ordinary course of business, the registrant&rsquo;s board of directors regularly reviews the scope and adequacy of such
insurance coverage.</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-indent: 0.5in">Any underwriting agreement or distribution agreement
that the registrant enters into with any underwriters or agents involved in the offering or sale of any securities registered hereby
may require such underwriters or dealers to indemnify the registrant, some or all of its directors and officers and its controlling
persons, if any, for specified liabilities, which may include liabilities under the Securities Act of 1933, as amended.</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-indent: 0.5in"></P>

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<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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 16.</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Exhibit</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>Number</U></P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Description</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting Agreement.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Articles of Incorporation of Customers Bancorp, Inc., incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015912000271/ex3-1.htm" STYLE="-sec-extract: exhibit">Exhibit 3.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on April 30, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to the Amended and Restated Articles of Incorporation of Customers Bancorp, Inc., incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015912000402/ex3-1.htm" STYLE="-sec-extract: exhibit">Exhibit 3.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on July 2, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of Customers Bancorp, Inc., incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015912000271/ex3-2.htm" STYLE="-sec-extract: exhibit">Exhibit 3.2</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on April 30, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to Amended and Restated Articles of Incorporation of Customers Bancorp, Inc., incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000040/amendment.htm" STYLE="-sec-extract: exhibit">Exhibit 3.1</A> to the Registrant's Current Report on Form 8-K filed with the SEC on June 3, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to Amended and Restated Bylaws of Customers Bancorp, Inc., incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000045/exhibit31.htm" STYLE="-sec-extract: exhibit">Exhibit 3.1</A> to the Registrant's Current Report on Form 8-K filed with the SEC on June 19, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement with Respect to Shares relating to the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015915000151/ex3-1.htm" STYLE="-sec-extract: exhibit">Exhibit 3.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on May 18, 2015.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement with Respect to Shares relating to the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015916000433/ex3-1.htm" STYLE="-sec-extract: exhibit">Exhibit 3.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on January 29, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement with Respect to Shares relating to the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015916000573/ex3-1.htm" STYLE="-sec-extract: exhibit">Exhibit 3.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed on April 28, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement with Respect to Shares relating to the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015916000731/ex3-1.htm" STYLE="-sec-extract: exhibit">Exhibit 3.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed on September 16, 2016.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Statement with Respect to Shares relating to Preferred Stock.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen stock certificate of Customers Bancorp, Inc. Voting Common Stock and Class B Non-Voting Common Stock, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015912000273/ex4-1.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to the Registrant&rsquo;s Registration Statement on Form S-1/A filed with the SEC on May 1, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture, dated as of July 30, 2013, by and between Customers Bancorp, Inc., as Issuer, and Wilmington Trust, National Association, as Trustee, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000119312513310612/d575379dex41.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on July 31, 2013.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">First Supplemental Indenture, dated as of July 30, 2013, by and between Customers Bancorp, Inc, as Issuer, and Wilmington Trust,
National Association, as Trustee, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000119312513310612/d575379dex42.htm" STYLE="-sec-extract: exhibit">Exhibit 4.2</A> to the Registrant&rsquo;s Current Report on Form 8-K
filed with the SEC on July 31, 2013.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Supplemental Indenture, dated as of June 30, 2017, by and between Customers Bancorp, Inc, as Issuer, and Wilmington Trust, National Association, as Trustee, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015917000188/ex4-1.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on June 30, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Supplemental Indenture, dated as of September 25, 2019, by and between Customers Bancorp, Inc, as Issuer, and Wilmington Trust, National Association, as Trustee, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015919000152/ex4-1.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on September 25, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of 4.50% Senior Note due 2024, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015919000152/ex4-1.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on September 25, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordinated Debt Indenture, dated as of December 9, 2019, between Customers Bancorp, Inc., as Issuer, and Wilmington Trust, National Association, as Trustee, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015919000264/ex4-1.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on December 9, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Supplemental Indenture, dated as of December 9, 2019, between Customers Bancorp, Inc., as Issuer, and Wilmington Trust, National Association, as Trustee, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015919000264/ex4-2.htm" STYLE="-sec-extract: exhibit">Exhibit 4.2</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on December 9, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of 5.375% Subordinated Note due 2034, incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015919000264/ex4-2.htm" STYLE="-sec-extract: exhibit">Exhibit 4.2</A> to the Registrant&rsquo;s Current Report on Form 8-K filed with the SEC on December 9, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Preferred Stock Certificate.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Senior Debt Security.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Junior Debt Security.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Convertible Debt Security.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Deposit Agreement.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Depositary Receipt.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant Agreement (Stock) (including form of Warrant).*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant Agreement (Debt) (including form of Warrant).*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unit Agreement.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unit Certificate.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">Opinion of Stradley Ronon Stevens &amp; Young, LLP (filed herewith).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex23-1.htm">Consent of Deloitte &amp; Touche LLP (filed herewith)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex23-2.htm">Consent of BDO USA, LLP (filed herewith).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">Consent of Stradley Ronon Stevens &amp; Young, LLP (included in Exhibit 5.1).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">Power of Attorney (included on the signature page in Part II of this Registration Statement).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex25-1.htm">Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of Wilmington Trust Company, National Association (filed herewith).</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">__________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 94%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To be filed subsequently by an amendment to the registration statement
        or by reference from documents filed or to be filed with the SEC under the Securities Exchange Act of 1934, as amended.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></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 STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 17.</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings.</B></FONT></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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes:</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: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</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: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</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: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section
15(d) of the Exchange Act that are incorporated by reference in this registration statement, or is contained in a form of prospectus
filed pursuant to Rule 424(b) that is part of the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</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: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act to any purchaser:</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: 1.5in">(i)(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and (B) each prospectus required to be
filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an
offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a)
of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the
date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date
an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in
the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&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; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements
relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the
registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.</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: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of a registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of an undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act and (and, where applicable, each
filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</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>

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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">&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; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that for purposes of determining any liability under the Securities Act of 1933, (1) the
information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained
in a form of prospectus filed by the registrant pursuant to Rule 424 (b)(1) or (4), or 497(h) under the Securities Act of 1933
shall be deemed to be part of this registration statement as of the time it was declared effective and (2) each post-effective
amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to
act under subsection (a) of Section 310 of the Trust Indenture Act (&ldquo;TIA&rdquo;) in accordance with the rules and regulations
prescribed by the SEC under section 305(b)(2) of the TIA.</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-indent: 0.5in">&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-indent: 0.5in">&nbsp;</P>

<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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_002" TITLE="Signatures"></A>SIGNATURES</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">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the Borough of Wyomissing, Commonwealth of Pennsylvania, on June 19, 2020.</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 STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customers Bancorp, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jay S. Sidhu&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0">Jay S. Sidhu</P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman and Chief Executive Officer</FONT></P></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><A NAME="a_001" TITLE="Power of Attorney"></A>POWER OF ATTORNEY</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"><B>KNOW ALL PERSONS BY THESE PRESENTS</B>, that
the persons whose signatures appear below constitute and appoint Jay S. Sidhu, Carla A. Leibold and Michael A. De Tommaso, and
each one of them, as their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for
them and in their names, places and steads, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this registration statement, and to sign any subsequent registration statement filed pursuant to Rule 462(b) under
the Securities Act of 1933, as amended, and any and all amendments thereto, and to file the same, with all exhibits thereto, and
the other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection
therewith, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or their substitutes, may lawfully do or cause to be done by virtue thereof.</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">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.</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">
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    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></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 STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <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; text-align: center">/s/ Jay S. Sidhu</P></TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman, Chief Executive Officer and Director (Principal Executive Officer)</FONT></TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jay S. Sidhu</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <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; text-align: center">/s/ Carla A. Leibold</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President&mdash;Chief Financial Officer (Principal Financial Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Carla A. Leibold</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <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; text-align: center">/s/ Jessie John Velasquez</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Jessie John Velasquez</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Andrea Allon</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Andrea Allon</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Rick B. Burkey</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Rick B. Burkey</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Bhanu Choudhrie</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Bhanu Choudhrie</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 29%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Daniel K. Rothermel</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Daniel K. Rothermel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ T. Lawrence Way</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T. Lawrence Way</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Steven J. Zuckerman</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven J. Zuckerman</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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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">&nbsp;</P>

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

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 46%; padding-top: 3pt; padding-right: -0.5in; padding-bottom: 6pt; text-align: left; font-size: 10pt; font-weight: bold"><IMG SRC="pptslide_003.jpg" ALT="" STYLE="height: 89px; width: 217px"></TD>
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: right">Stradley Ronon Stevens &amp; Young,
        LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right">2005 Market Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right">Suite 2600</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right">Philadelphia, PA 19103</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right">Telephone 215.564.8000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right">Fax 215.564.8120</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right">www.stradley.com</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: right">&nbsp;</P></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 19, 2020</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">Customers Bancorp, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1015 Penn Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suite 103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wyomissing PA 19610</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">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Registration
Statement on Form S-3 of Customers Bancorp, Inc.</U></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">Ladies and Gentlemen:</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 acted as counsel to and for Customers
Bancorp, Inc., a Pennsylvania corporation (the &quot;<B>Company</B>&quot;), in connection with the preparation and filing with
the Securities and Exchange Commission (the &quot;<B>Commission</B>&quot;) of a registration statement on Form S-3, initially filed
on June 19, 2020 (the &quot;Registration Statement&quot;), relating to the issuance from time to time of up to $500,000,000 in
aggregate offering price of the Company's (i) shares of voting common stock, par value $1.00 per share (&quot;<B>Voting Common
Stock</B>&quot;), (ii) shares of Class B non-voting common stock, par value $1.00 per share (&quot;<B>Class B Common Stock</B>&quot;),
(iii) one or more series of preferred stock, having no par value or such par value as the board of directors of the Company may
set (&quot;<B>Preferred Stock</B>&quot;), (iv) one or more series of debt securities of the Company (&quot;<B>Debt Securities</B>&quot;),
(v) warrants to purchase Voting Common Stock, Class B Common Stock, Preferred Stock or Debt Securities (&quot;<B>Warrants</B>&quot;),
(vi) depositary shares (which may be evidenced by depositary receipts) representing fractional interests in shares of Voting Common
Stock, Class B Common Stock or Preferred Stock (&quot;<B>Depositary Shares</B>&quot;) and (vii) units (&quot;<B>Units</B>&quot;)
comprising one or more of the Securities (as defined below) described in the preceding clauses (i) through (vi), in any combination.
The Voting Common Stock, Class B Common Stock, Preferred Stock, Debt Securities, Warrants, Depositary Shares and Units are collectively
referred to herein as the &quot;<B>Securities</B>.&quot; The Securities are being registered for offer and sale from time to time
pursuant to Rule 415 under the Securities Act of 1933, as amended (the &quot;<B>Securities Act</B>&quot;).</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 this opinion, we have examined
originals or copies, certified or otherwise identified to our satisfaction, of:</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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement, including the prospectus included therein (the &quot;<B>Prospectus</B>&quot;);</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-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Amended and Restated Articles of Incorporation, as amended, in effect on the date hereof;</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-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s Amended and Restated Bylaws, as amended, in effect on the date hereof;</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: 12pt 0 2pt; text-align: center"><B>Philadelphia, PA &bull; Harrisburg,
PA &bull; Malvern, PA &bull; Cherry Hill, NJ &bull; Wilmington, DE &bull; Washington, DC &bull; New York, NY &bull; Chicago, IL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center"><B>A Pennsylvania Limited Liability Partnership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pptslide_004.jpg" ALT="" STYLE="height: 21px; width: 176px"></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-indent: 0.5in"></P>

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<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">Customers Bancorp, Inc.<BR>
June 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</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-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
indenture, dated July 30, 2013, by and between the Company, as issuer and Wilmington Trust, National Association, as trustee;</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-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
subordinated indenture, dated December 9, 2019, by and between the Company, as issuer and Wilmington Trust, National Association,
as trustee;</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-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resolutions
of the Company&rsquo;s Board of Directors with respect to the filing of the Registration Statement; and</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-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other records, documents, certificates and statutes as we have deemed necessary for purposes of this opinion letter.</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 rendering this opinion, we have assumed and
relied upon, without independent investigation (i) the authenticity, completeness, truth and due authorization and execution of
all documents submitted to us as originals, (ii) the genuineness of all signatures on all documents submitted to us as originals
and (iii) the conformity to the originals of all documents submitted to us as certified, electronic or photostatic copies. We also
have assumed and relied upon, without independent investigation, that the trustee is in full compliance with the terms of the indenture
and the subordinated indenture and that the indenture or subordinated indenture, as applicable, has been duly authorized, executed
and delivery by, and is valid and binding upon, the trustee and enforceable against the trustee in accordance with its terms.</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 law covered by the opinions expressed herein
is limited to the federal statutes, judicial decisions and rules and regulations of the governmental agencies of the United States
of America and the statutes, judicial and administrative decisions and rules and regulations of the governmental agencies of the
Commonwealth of Pennsylvania and the State of New York. We are not rendering any opinion as to compliance with any federal or state
law, rule, or regulation relating to securities, or to the sale or issuance thereof. This opinion letter is being furnished in
connection with the requirements of Item 601(b)(5) of the Commission&rsquo;s Regulation S-K, and we express no opinion as to any
matter pertaining to the contents of the Registration Statement, the Prospectus or any prospectus supplement, other than as expressly
stated herein with respect to the issuance of the Securities.</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">Our opinions are limited and qualified in all
respects by the effects of (i)&nbsp;general principles of equity and limitations on availability of equitable relief, including
specific performance, whether applied by a court of law or equity, and (ii)&nbsp;bankruptcy, insolvency, reorganization, moratorium,
arrangement, fraudulent conveyance or fraudulent transfer, receivership, and other laws now or hereafter in force affecting the
rights and remedies of creditors generally (not just creditors of specific types of debtors) and other laws now or hereafter in
force affecting generally only creditors of specific types of debtors.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This opinion letter is given only with respect
to laws and regulations presently in effect. We assume no obligation to advise you of any changes in law or regulation which may
hereafter occur, whether the same are retroactively or prospectively applied, or to update or supplement this letter in any fashion
to reflect any facts or circumstances which hereafter come to our attention.</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">Based upon, and subject to, the foregoing, and
subject to the qualifications herein stated, we are of the opinion that:</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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Voting Common Stock offered under the Registration Statement, provided that (i) the Registration Statement and any required
post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus
supplement(s)</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-indent: 0.5in">&nbsp;</P>

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

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<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">Customers Bancorp, Inc.<BR>
June 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</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-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: left">relating
to the Prospectus required by applicable laws have been filed and delivered as required by such laws, (ii) the issuance and sale
of the Voting Common Stock have been duly authorized by the Company by all necessary corporate action, (iii) the issuance and
sale of the Voting Common Stock do not violate any applicable laws, are in conformity with the Company's then-operative articles
of incorporation (the &quot;<B>Articles of Incorporation</B>&quot;) and bylaws (the &quot;<B>Bylaws</B>&quot;), do not result
in a default under or breach of any agreement or instrument binding upon the Company and comply with any applicable requirement
or restriction imposed by any court or governmental body having jurisdiction over the Company and (iv) any certificates for the
Voting Common Stock have been duly executed by the Company, countersigned by the transfer agent therefor and duly delivered to
the purchasers thereof or such shares of Voting Common Stock have been otherwise duly delivered to the purchasers thereof, in
each case upon payment in full of the consideration therefor, then the Voting Common Stock, when issued and sold as contemplated
in the Registration Statement, the Prospectus and the prospectus supplement(s) relating to the Prospectus and in accordance with
any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, or upon exercise, exchange
or conversion, as applicable, of any other Security in accordance with the terms of such other Security providing for such exercise,
exchange or conversion, will be validly issued, fully paid and nonassessable..</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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Class B Common Stock offered under the Registration Statement, provided that (i) the Registration Statement and any
required post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all
prospectus supplement(s) relating to the Prospectus required by applicable laws have been filed and delivered as required by such
laws, (ii) the issuance and sale of the Class B Common Stock have been duly authorized by the Company by all necessary corporate
action, (iii) the issuance and sale of the Class B Common Stock do not violate any applicable laws, are in conformity with the
Company's then-operative Articles of Incorporation and Bylaws, do not result in a default under or breach of any agreement or instrument
binding upon the Company and comply with any applicable requirement or restriction imposed by any court or governmental body having
jurisdiction over the Company and (iv) any certificates for the Class B Common Stock have been duly executed by the Company, countersigned
by the transfer agent therefor and duly delivered to the purchasers thereof or such shares of Class B Common Stock have been otherwise
duly delivered to the purchasers thereof, in each case upon payment in full of the consideration therefor, then the Class B Common
Stock, when issued and sold as contemplated in the Registration Statement, the Prospectus and the prospectus supplement(s) relating
to the Prospectus and in accordance with any applicable duly authorized, executed and delivered purchase, underwriting or similar
agreement, or upon exercise, exchange or conversion, as applicable, of any other Security in accordance with the terms of such
other Security providing for such exercise, exchange or conversion, will be validly issued, fully paid and nonassessable.</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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Preferred Stock offered under the Registration Statement, provided that (i) the Registration Statement and any required
post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus
supplement(s) relating to the Prospectus required by applicable laws have been filed and delivered as required by such laws, (ii)
the issuance and sale of the Preferred Stock have been duly authorized by the Company by all necessary corporate action, including
action by the Board of Directors to establish the terms of any particular series of Preferred Stock, (iii) the issuance and sale
of the Preferred Stock do not violate any applicable laws, are in conformity with the Company's then-operative Articles of Incorporation
and Bylaws, do not result in a default under or breach of any agreement or instrument binding upon the Company and comply with
any applicable requirement or restriction imposed by any court or governmental body having jurisdiction over the Company and (iv)
any certificates for the Preferred Stock have been duly executed by the Company, countersigned by the transfer agent therefor and
duly delivered to the purchasers thereof or such shares of Preferred Stock have otherwise been duly delivered to the purchasers
thereof, in each case upon payment in full of the consideration therefor, then the Preferred Stock, when issued and sold as contemplated
in the Registration Statement, the Prospectus and the prospectus supplement(s) relating to the Prospectus and in accordance with
any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, or upon exercise, exchange
or conversion, as applicable, of any other Security in accordance with the terms of such other Security providing for such exercise,
exchange or conversion, will be validly issued, fully paid and nonassessable.</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-indent: 0.5in"></P>

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<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">Customers Bancorp, Inc.<BR>
June 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</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">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Debt Securities offered under the Registration Statement, provided that (i) the Registration Statement and any required
post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus
supplement(s) relating to the Prospectus required by applicable laws have been filed and delivered as required by such laws, (ii)
the applicable indenture related to the Debt Securities to be issued, including any supplements thereto, has been duly authorized
by the Company by all necessary corporate action and delivered to and duly accepted by the trustee, (iii) the issuance and sale
and the terms of the Debt Securities have been duly authorized by the Company by all necessary corporate action, (iv) the terms
of the applicable indenture, including any supplements thereto, and the terms of the Debt Securities and their issuance and sale
have been duly established in conformity with the applicable indenture and as described in the Registration Statement, the Prospectus
and the prospectus supplement(s) relating to the Prospectus, and do not violate any applicable laws, are in conformity with the
Company's then-operative Articles of Incorporation and Bylaws, do not result in a default under or breach of any agreement or instrument
binding upon the Company and comply with any applicable requirement or restriction imposed by any court or governmental body having
jurisdiction over the Company and (v) the Debt Securities have been duly authenticated by the indenture trustee and executed and
delivered by the Company to the purchasers thereof upon payment in full of the consideration therefor, then the Debt Securities,
when issued and sold as contemplated in the Registration Statement, the Prospectus and the prospectus supplement(s) relating to
the Prospectus and in accordance with such indenture and any supplements thereto, and any applicable duly authorized, executed
and delivered purchase, underwriting or similar agreement, or upon exercise, exchange or conversion, as applicable, of any other
Security in accordance with the terms of such other Security providing for such exercise, exchange or conversion, will be valid
and legally binding obligations of the Company.</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">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Warrants offered under the Registration Statement, provided that (i) the Registration Statement and any required post-effective
amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus supplement(s)
relating to the Prospectus required by applicable laws have been filed and delivered as required by such laws, (ii) the applicable
warrant agreement under which the Warrants are to be issued has been duly authorized by the Company by all necessary corporate
action, duly authorized by any applicable warrant agent and duly delivered by the parties, (iii) the issuance and sale and the
terms of the Warrants have been duly authorized by the Company by all necessary corporate action, (iv) the terms of the Warrants
and of their issuance and sale have been duly established in conformity with the applicable warrant agreement and as described
in the Registration Statement, the Prospectus and the prospectus supplement(s) relating to the Prospectus, and do not violate any
applicable laws, are in conformity with the Company's then-operative Articles of Incorporation and Bylaws, do not result in a default
under or breach of any agreement or instrument binding upon the Company and comply with any applicable requirement or restriction
imposed by any court or governmental body having jurisdiction over the Company and (v) the Warrants have been duly executed by
the Company and authenticated by any applicable warrant agent pursuant to such warrant agreement, and delivered to the purchasers
thereof upon payment in full of the consideration therefor, then the Warrants, when issued and sold as contemplated in the Registration
Statement, the Prospectus and the prospectus supplement(s) relating to the Prospectus and in accordance with such warrant agreement,
and any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, will be valid and legally
binding obligations of the Company.</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-indent: 0.5in"></P>

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<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">Customers Bancorp, Inc.<BR>
June 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5</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">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Depositary Shares offered under the Registration Statement, provided that (i) the Registration Statement and any required
post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus
supplement(s) relating to the Prospectus required by applicable laws have been filed and delivered as required by such laws, (ii)
the applicable depositary agreement relating to the Depositary Shares has been duly authorized by the Company by all necessary
corporate action, duly authorized by any bank or trust company designated by the Company as the depositary and duly delivered by
the parties, (iii) the issuance and sale and the terms of the Depositary Shares have been duly authorized by the Company by all
necessary corporate action, (iv) the terms of the Depositary Shares and of their issuance and sale have been duly established in
conformity with the applicable depositary agreement and as described in the Registration Statement, the Prospectus and the prospectus
supplement(s) relating to the Prospectus, and do not violate any applicable laws, are in conformity with the Company's then-operative
Articles of Incorporation and Bylaws, do not result in a default under or breach of any agreement or instrument binding upon the
Company and comply with any applicable requirement or restriction imposed by any court or governmental body having jurisdiction
over the Company and (v) the depositary receipts evidencing the Depositary Shares have been duly executed and delivered by the
Company to the purchasers thereof upon payment in full of the consideration therefor, then the Depositary Shares, when issued and
sold as contemplated in the Registration Statement, the Prospectus and the prospectus supplement(s) relating to the Prospectus
and in accordance with any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, or upon
exercise, exchange or conversion, as applicable, of any other Security in accordance with the terms of such other Security providing
for such exercise, exchange or conversion, will be validly issued, fully paid and nonassessable and the depositary receipts, if
any, evidencing the Depositary Shares will be validly issued and will entitle the holders thereof to the rights specified in the
Depositary Agreement.</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">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Units offered under the Registration Statement, provided that (i) the Registration Statement and any required post-effective
amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus supplement(s)
relating to the Prospectus required by applicable laws have been filed and delivered as required by such laws, (ii) the issuance
and sale and the terms of the Units have been duly authorized by the Company by all necessary corporate action, (iii) the terms
of the Units and the underlying Securities relating thereto and their issuance and sale have been duly established as described
in the Registration Statement, the Prospectus and the related prospectus supplement(s), and do not violate any applicable laws,
are in conformity with the Company's then-operative Articles of Incorporation and Bylaws, do not result in a default under or breach
of any agreement or instrument binding upon the Company and comply with any applicable requirement or restriction imposed by any
court or governmental body having jurisdiction over the Company and (iv) the Units have been duly executed and delivered by the
Company to the purchasers thereof upon payment in full of the consideration therefor, then the Units, when issued and sold as contemplated
in the Registration Statement, the Prospectus and the prospectus supplement(s) relating to the Prospectus, as applicable, and in
accordance with any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, will be valid
and legally binding obligations of the Company.</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">This opinion is for your benefit and may be
relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act.</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-indent: 0.5in"></P>

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<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">Customers Bancorp, Inc.<BR>
June 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 6</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 hereby consent to your filing of this opinion
as an exhibit to the Registration Statement and we further consent to the reference to our firm under the caption &ldquo;Legal
Matters&rdquo; in the Prospectus and each prospectus supplement relating to the Prospectus and to any reference to our firm in
the Registration Statement as legal counsel who have passed upon the legality of the securities offered thereby. In giving such
consent, we do not hereby admit that we are &ldquo;experts&rdquo; within the meaning of the Securities Act, or the Rules and Regulations
of the Commission issued thereunder, with respect to any part of the Registration Statement, including this exhibit.</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">&nbsp;</P>

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

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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">Very truly yours,</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">/s/ STRADLEY RONON STEVENS&nbsp;&amp; YOUNG,
LLP</P>

</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 63.35pt 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 63.35pt 0 3in">&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>

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

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<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

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

<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: 0; margin-bottom: 0"><B>CONSENT <FONT STYLE="font-family: Times New Roman, Times, Serif">OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We </FONT>consent
<FONT STYLE="font-family: Times New Roman, Times, Serif">to the incorporation by reference in this Registration Statement on Form
</FONT>S<FONT STYLE="font-family: Times New Roman, Times, Serif">-3 of our reports dated March 2, 2020 relating to the consolidated
financial statements of Customers Bancorp, Inc. and subsidiaries and the effectiveness of Customers Bancorp, Inc. and subsidiaries&rsquo;
internal control over financial reporting, appearing in the Annual Report on Form 10-K of Customers Bancorp, Inc. for the year
ended December 31, 2019. We also consent to the reference to us under the heading &quot;Experts&rdquo; in such Registration Statement.</FONT></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"><I>/s/ DELOITTE &amp; TOUCHE LLP</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">Philadelphia, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June 19, 2020</P>


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<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: fuchsia"><FONT STYLE="color: #000000"><B>Exhibit
23.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: fuchsia"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: fuchsia"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: fuchsia"><FONT STYLE="color: #000000"><U>Consent
of Independent Registered Public Accounting Firm</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">Customers
Bancorp, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">Wyomissing,
Pennsylvania</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">We
hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement of our report
dated March 1, 2019, relating to the consolidated financial statements of Customers Bancorp, Inc. as of December 31, 2018 and
for each of the years ended December 31, 2018 and 2017, appearing in the Company&#8217;s Annual Report on Form 10-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">We
also consent to the reference to us under the caption &#8220;Experts&#8221; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">/s/
BDO USA, LLP</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">Philadelphia,
Pennsylvania</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: fuchsia"><FONT STYLE="color: #000000">June
19, 2020</FONT></P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 12pt 0 0; text-align: justify; color: fuchsia">&nbsp;</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in; color: fuchsia">&nbsp;</P>


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<TYPE>EX-25.1
<SEQUENCE>5
<FILENAME>ex25-1.htm
<DESCRIPTION>EXHIBIT 25.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.6pt 0 0; text-indent: 17.5pt"><B>&nbsp;</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0 11.6pt 0 0; text-indent: 17.5pt"><B>Exhibit 25.1&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.6pt 0 0; text-indent: 17.5pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></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>FORM T-1</B></P>

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

<P STYLE="font: 10pt/11pt Courier; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings"><B>o</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Check
if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>16-1486454</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(I.R.S. employer identification no.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>1100 North Market Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Wilmington, DE 19890-0001</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address of principal executive offices)</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>&#9;1100 North Market Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Wilmington, Delaware 19890-0001</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(302) 651-8311</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Customers Bancorp, Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of obligor as specified in its charter)</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pennsylvania</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27-2290659</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<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>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1015 Penn Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 103</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Wyomissing, PA 19610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices, including
zip code)</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; text-align: center"><B>&nbsp;</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">(Title of the indenture securities)</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"><B>ITEM 1. GENERAL INFORMATION.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Furnish the following information as to the trustee:</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: 48pt"></TD><TD STYLE="width: 30pt">(a)</TD><TD>Name and address of each examining or supervising authority to which it is subject.</TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">Comptroller
of Currency, Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">Federal
Deposit Insurance Corporation, Washington, D.C.</P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 78pt">&nbsp;<BR></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: 48pt"></TD><TD STYLE="width: 30pt">(b)</TD><TD>Whether it is authorized to exercise corporate trust powers.</TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>The
trustee is authorized to exercise corporate trust powers.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></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: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 2.</B></TD><TD><B>AFFILIATIONS WITH THE OBLIGOR.</B></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: 0.75in">If the obligor is an affiliate of the trustee,
describe each affiliation:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Based upon an examination of the books and records of
the trustee and information available to the trustee, the obligor is not an affiliate of the trustee.&#9;</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"><B>ITEM 3 &ndash; 15. </B>Not applicable.</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: 0"></TD><TD STYLE="width: 48pt"><B>ITEM 16.</B></TD><TD><B>LIST OF EXHIBITS.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 84pt; text-indent: -48pt">Listed below are all exhibits filed
as part of this Statement of Eligibility and Qualification.</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: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>A copy of the Charter for Wilmington Trust, National Association.</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">2.</TD><TD>The authority of Wilmington Trust, National Association to commence business was granted under the Charter for Wilmington Trust,
National Association, incorporated herein by reference to Exhibit 1 above.</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">3.</TD><TD>The authorization to exercise corporate trust powers was granted under the Charter for Wilmington Trust, National Association,
incorporated herein by reference to Exhibit 1 above.</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">4.</TD><TD>A copy of the existing By-Laws of Trustee, as now in effect, incorporated herein by reference to Exhibit 4 of this Form T-1.</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">5.</TD><TD>Not applicable.</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">6.</TD><TD>The consent of Wilmington Trust, National Association as required by Section 321(b) of the Trust Indenture Act of 1939, attached
hereto as Exhibit 6 of this Form T-1.</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">7.</TD><TD>Current Report of the Condition of Wilmington Trust, National Association, published pursuant to law or the requirements of
its supervising or examining authority, attached hereto as Exhibit 7 of this Form T-1.</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">8.</TD><TD>Not applicable.</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">9.</TD><TD>Not applicable.</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Courier; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</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">Pursuant to the requirements of the Trust Indenture Act of 1939,
as amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under the
laws of the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Wilmington and State of Delaware on the 19<SUP>th</SUP> day of June, 2020.</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 0 0 2.5in"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">By: <U>/s/ Michael H. Wass</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">Name: Michael H. Wass</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">Title: Vice President</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Courier; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT 1</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">&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; text-align: center"><B>CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION</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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></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: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></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-indent: 0.5in">For the purpose of organizing an association
to perform any lawful activities of national banks, the undersigned do enter into the following articles of association:</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">FIRST.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The title of this association shall be Wilmington Trust,
National Association.</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">SECOND.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The main office of the association shall be in the City
of Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main
office and its branches.</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">THIRD.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of this association shall consist
of not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact
number is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution
of a majority of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of
the association or of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination
of these values may be based as of either (i) the date of purchase or (ii) the date the person became a director, whichever value
is greater. Any combination of common or preferred stock of the association or holding company may be used.</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: 0.25in">Any vacancy in the board of directors may be
filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase
the number of directors between meetings of shareholders to a number which:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>exceeds by more than two the number of directors last elected by shareholders where the number was 15 or less; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>exceeds by more than four the number of directors last elected by shareholders where the number was 16 or more, but in no event
shall the number of directors exceed 25, unless the OCC has exempted the bank from the 25-member limit.</TD></TR></TABLE>

<P STYLE="font: 10pt/13.8pt Times New Roman, Times, Serif; margin: 0 0 13.6pt; text-indent: 0.25in">Directors shall be elected
for terms of one year and until their successors are elected and qualified. Terms of directors, including directors selected to
fill vacancies, shall expire at the next regular meeting of shareholders at which directors are elected, unless the directors resign
or are removed from office. Despite the expiration of a director's term, the director shall continue to serve until his or her
successor is elected and qualifies or until there is a decrease in the number of directors and his or her position is eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Honorary or advisory members of the board of
directors, without voting power or power of final decision in matters concerning the business of the association, may be appointed
by resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting.
Honorary or advisory directors shall not be counted to determine the number of directors of the association or the presence of
a quorum in connection with any board action, and shall not be required to own qualifying shares.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&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">FOURTH.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be an annual meeting of the
shareholders to elect directors and transact whatever other business may be brought before the meeting. It shall be held at
the main office or any other convenient place the board of directors may designate, on the day of each year specified
therefor in the bylaws, or, if that day falls on a legal holiday in the state in which the association is located, on the
next following banking day. If no election is held on the day fixed, or in the event of a legal holiday on the following
banking day, an election may be held on any subsequent day within 60 days of the day fixed, to be designated by the board of
directors, or, if the directors fail to fix the day, by shareholders representing two-thirds of the shares issued and
outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders&rsquo; meeting
shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The
sole shareholder of the bank is permitted to waive notice of the shareholders&rsquo; meeting.</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 all elections of directors, the number of
votes each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number
of directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more
candidates in the manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors,
a shareholder may not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all
other questions, each common shareholder shall be entitled to one vote for each share of stock held by him or her.</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: 0.25in">Nominations for election to the board of directors
may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled
to vote for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in
writing and be delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any
meeting of shareholders called for the election of directors; provided, however, that if less than 21 days notice of the meeting
is given to shareholders, such nominations shall be mailed or delivered to the president of the association not later than the
close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain
the following information to the extent known to the notifying shareholder:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>The name and address of each proposed nominee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>The principal occupation of each proposed nominee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>The total number of shares of capital stock of the association that will be voted for each proposed nominee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>The name and residence address of the notifying shareholder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD>The number of shares of capital stock of the association owned by the notifying shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">Nominations not made in accordance
herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes
cast for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">A director may resign at any time
by delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective
when the notice is delivered unless the notice specifies a later effective date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">A director may be removed by shareholders
at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove
the director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause;
provided, however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative
voting is voted against the director's removal.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">FIFTH.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorized amount of capital stock of this association
shall be ten thousand shares of common stock of the par value of one hundred dollars ($100) each; but said capital stock may be
increased or decreased from time to time, according to the provisions of the laws of the United States.</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-indent: 0.5in">No holder of shares of the capital stock of
any class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock
of the association, whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued,
or sold, nor any right of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may
from time to time determine and at such price as the board of directors may from time to time fix. Preemptive rights also must
be approved by a vote of holders of two-thirds of the bank&rsquo;s outstanding voting shares. Unless otherwise specified in these
articles of association or required by law, (1) all matters requiring shareholder action, including amendments to the articles
of association, must be approved by shareholders owning a majority voting interest in the outstanding voting stock, and (2) each
shareholder shall be entitled to one vote per share.</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-indent: 0.5in">Unless otherwise specified in these articles
of association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder
approval. If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the
classes or series so affected must vote together as a single voting group on the proposed amendment.</P>

<P STYLE="font: 10pt Courier; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shares of one class or series may be issued
as a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series
may be issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be
cast by the class or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise
provided by the board of directors, the record date for determining shareholders entitled to a share dividend shall be the date
authorized by the board of directors for the share dividend.</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-indent: 0.5in">Unless otherwise provided in the bylaws, the record date for determining
shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first notice is mailed
or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.</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">If a shareholder is entitled to fractional shares
pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a) issue fractional
shares; (b) in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share
upon surrendering enough script or warrants to equal a full share; (c) if there is an established and active market in the association's
stock, make reasonable arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the
fraction, or purchase of the additional fraction required for a full share; (d) remit the cash equivalent of the fraction to the
shareholder; or (e) sell full shares representing all the fractions at public auction or to the highest bidder after having solicited
and received sealed bids from at least three licensed stock brokers; and distribute the proceeds pro rata to shareholders who otherwise
would be entitled to the fractional shares. The holder of a fractional share is entitled to exercise the rights for shareholder,
including the right to vote, to receive dividends, and to participate in the assets of the association upon liquidation, in proportion
to the fractional interest. The holder of script or warrants is not entitled to any of these rights unless the script or warrants
explicitly provide for such rights. The script or warrants may be subject to such additional conditions as: (1) that the script
or warrants will become void if not exchanged for full shares before a specified date; and (2) that the shares for which the script
or warrants are exchangeable may be sold at the option of the association and the proceeds paid to scriptholders.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.25pt 0 0; text-indent: 0.5in">The association, at any time and
from time to time, may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders.
Obligations classified as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders,
do not carry voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange
or reclassification of all or part of securities into securities of another class or series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SIXTH.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors shall appoint one of its members
president of this association, and one of its members chairperson of the board and shall have the power to appoint one or more
vice presidents, a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating
the records of the association, and such other officers and employees as may be required to transact the business of this association.</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">A duly appointed officer may appoint one or
more officers or assistant officers if authorized by the board of directors in accordance with the bylaws.</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 board of directors shall have the power
to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>Define the duties of the officers, employees, and agents of the association.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>Delegate the performance of its duties, but not the responsibility for its duties, to the officers, employees, and agents of
the association.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>Fix the compensation and enter into employment contracts with its officers and employees upon reasonable terms and conditions
consistent with applicable law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>Dismiss officers and employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD>Require bonds from officers and employees and to fix the penalty thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6)</TD><TD>Ratify written policies authorized by the association's management or committees of the board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7)</TD><TD>Regulate the manner in which any increase or decrease of the capital of the association shall be made, provided that nothing
herein shall restrict the power of shareholders to increase or decrease the capital of the association in accordance with law,
and nothing shall raise or lower from two-thirds the percentage required for shareholder approval to increase or reduce the capital.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8)</TD><TD>Manage and administer the business and affairs of the association.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9)</TD><TD>Adopt initial bylaws, not inconsistent with law or the articles of association, for managing the business and regulating the
affairs of the association.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10)</TD><TD>Amend or repeal bylaws, except to the extent that the articles of association reserve this power in whole or in part to shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11)</TD><TD>Make contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12)</TD><TD>Generally perform all acts that are legal for a board of directors to perform.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SEVENTH.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors shall have the power to change
the location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the shareholders,
or with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon
receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of
Wilmington Delaware, but not more than 30 miles beyond such limits. The board of directors shall have the power to establish or
change the location of any branch or branches of the association to any other location permitted under applicable law, without
approval of shareholders, subject to approval by the Comptroller of the Currency.</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">EIGHTH.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporate existence of this association shall continue
until termination according to the laws of the United States.</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">NINTH.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of this association, or any one
or more shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting
of shareholders at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place,
and purpose of every annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class
mail, unless the OCC determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole
shareholder may waive notice of the shareholders&rsquo; meeting. Unless otherwise provided by the bylaws or these articles, any
action requiring approval of shareholders must be effected at a duly called annual or special meeting.</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">TENTH.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Article Tenth, the term &ldquo;institution-affiliated
party&rdquo; shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).</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-indent: 0.5in">Any institution-affiliated party (or his or
her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred
in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental,
administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists;
provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order
or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from
participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative
action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all
legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties
(or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred.
The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated
party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized
by the board of directors.</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">Expenses incurred by an institution-affiliated
party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or
1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by
the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated
party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination
that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse
the bank in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association
will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such
institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a
final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or
prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or
to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses
incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action
or proceeding as to which indemnification may be given under these articles of association may be paid by the association in advance
of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated
party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: left">such
institution-affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification
as authorized by these articles of association and (b) approval by the board of directors acting by a quorum consisting of directors
who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by stockholders. To the
extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to find that the institution-affiliated
party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.</P>

<P STYLE="font: 10pt Courier; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that a majority of the members
of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification,
the remaining members of the board may authorize independent legal counsel to review the indemnification request and provide the
remaining members of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs
of this Article Tenth have been met. If independent legal counsel opines that said conditions have been met, the remaining members
of the board of directors may rely on such opinion in authorizing the requested indemnification.</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-indent: 0.5in">In the event that all of the members
of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification,
the board shall authorize independent legal counsel to review the indemnification request and provide the board with a written
opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If
legal counsel opines that said conditions have been met, the board of directors may rely on such opinion in authorizing the requested
indemnification.</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">To the extent permitted under applicable law,
the rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available
with respect to events occurring prior to the adoption of these articles of association, (b) shall continue to exist after any
restrictive amendment of these articles of association with respect to events occurring prior to such amendment, (c) may be interpreted
on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding,
or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which
may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her
heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.</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-indent: 0.5in">The rights of indemnification and to the advancement
of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive
of any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or
hereafter be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a
resolution of the board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby
expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of
expenses provided in these articles of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise,
of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding
to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein
or in connection therewith or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 0; text-indent: 0.5in">If this Article Tenth or any part
hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum
extent necessary to make it enforceable, and the remainder of this Article Tenth shall remain fully enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 0; text-indent: 0.5in">&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-indent: 0.5in">The association may, upon affirmative vote of
a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such
indemnification is allowed in these articles of association; provided, however, that no such insurance shall include coverage to
pay or reimburse any institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person
in an administrative proceeding or civil action commenced by any federal banking agency. Such insurance may, but need not, be for
the benefit of all institution-affiliated parties.</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">ELEVENTH.&nbsp;&nbsp;&nbsp;&nbsp;&#9;These articles of association may be amended at any
regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this association,
unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of
such greater amount. The association's board of directors may propose one or more amendments to the articles of association for
submission to the shareholders.</P>

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#9;<B>BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION</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; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<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>AMENDED AND RESTATED BYLAWS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></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>(Effective as of April 17, 2018)</B></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 131pt 0 132.95pt; text-align: center"><B>ARTICLE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 131pt 0 132.8pt; text-align: center"><B><U>Meetings of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 12pt; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 8.85pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 1. Annual
Meeting</B>. The annual meeting of the shareholders to elect directors and transact whatever other business may properly come before
the meeting shall be held at the main office of the association, Rodney Square North, 1100 Market Street, City of Wilmington, State
of Delaware, at 1:00 o'clock p.m. on the first Tuesday in March of each year, or at such other place and time as the board of directors
may designate, or if that date falls on a legal holiday in Delaware, on the next following banking day. Notice of the meeting shall
be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior to the date thereof, addressed
to each shareholder at his/her address appearing on the books of the association. If, for any cause, an election of directors is
not made on that date, or in the event of a legal holiday, on the next following banking day, an election may be held on any subsequent
day within 60 days of the date fixed, to be designated by the board of directors, or, if the directors fail to fix the date, by
shareholders representing two-thirds of the shares. In these circumstances, at least 10 days&rsquo; notice must be given by first
class mail to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.45pt 12pt 6pt; text-indent: 0.5in"><B>Section 2. Special Meetings</B>.
Except as otherwise specifically provided by statute, special meetings of the shareholders may be called for any purpose at any
time by the board of directors or by any one or more shareholders owning, in the aggregate, not less than fifty percent of the
stock of the association. Every such special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid,
not less than 10 days nor more than 60 days prior to the date fixed for the meeting, to each shareholder at the address appearing
on the books of the association a notice stating the purpose of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.75pt 12pt 6pt; text-indent: 0.5in">The board of directors may fix
a record date for determining shareholders entitled to notice and to vote at any meeting, in reasonable proximity to the date of
giving notice to the shareholders of such meeting. The record date for determining shareholders entitled to demand a special meeting
is the date the first shareholder signs a demand for the meeting describing the purpose or purposes for which it is to be held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 17.05pt 12pt 6pt; text-align: justify; text-indent: 0.5in">A special
meeting may be called by shareholders or the board of directors to amend the articles of association or bylaws, whether or not
such bylaws may be amended by the board of directors in the absence of shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.85pt 12pt 6pt; text-indent: 0.5in">If an annual or special shareholders'
meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date,
time or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or
the association becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to
the date to which the meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned
meeting must be given to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors
is adjourned before the election takes place, at least ten days&rsquo; notice of the new election must be given to the shareholders
by first-class mail.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.95pt 12pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.95pt 12pt 5pt; text-indent: 0.5in"><B>Section 3. Nominations of
Directors</B>. Nominations for election to the board of directors may be made by the board of directors or by any stockholder of
any outstanding class of capital stock of the association entitled to vote for the election of directors. Nominations, other than
those made by or on behalf of the existing management of the association, shall be made in writing and shall be delivered or mailed
to the president of the association and the Comptroller of the Currency, Washington, D.C., not less than 14 days nor more than
50 days prior to any meeting of shareholders called for the election of directors; <I>provided, however, </I>that if less than
21 days' notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of the association
not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification
shall contain the following information to the extent known to the notifying shareholder:</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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The name and address of each proposed nominee;</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The principal occupation of each proposed nominee;</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">(3)</FONT></TD><TD STYLE="padding-right: 5.3pt"><FONT STYLE="font-size: 10pt">The total number of shares of capital stock of the association that
will be voted for each proposed nominee;</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">(4)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The name and residence of the notifying shareholder; and</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">(5)</FONT></TD><TD STYLE="padding-right: 18.55pt"><FONT STYLE="font-size: 10pt">The number of shares of capital stock of the association owned
by the notifying shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.85pt 12pt 5pt; text-indent: 0.5in">Nominations not made in accordance
herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and upon his/her instructions, the vote
tellers may disregard all votes cast for each such nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.4pt 12pt 5pt; text-indent: 0.5in"><B>Section 4. Proxies</B>. Shareholders
may vote at any meeting of the shareholders by proxies duly authorized in writing, but no officer or employee of this association
shall act as proxy. Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting.
Proxies shall be dated and filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted
proxies may be counted upon receipt of a written confirmation from the shareholder. Proxies meeting the above requirements submitted
at any time during a meeting shall be accepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.75pt 12pt 5pt; text-indent: 0.5in"><B>Section 5. Quorum</B>. A
majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders,
unless otherwise provided by law, or by the shareholders or directors pursuant to Article IX, Section 2, but less than a quorum
may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. A majority of the
votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law
or by the articles of association, or by the shareholders or directors pursuant to Article IX, Section 2. If a meeting for the
election of directors is not held on the fixed date, at least 10 days&rsquo; notice must be given by first-class mail to the shareholders.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 173pt 0 171pt; text-align: center">ARTICLE II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 173.05pt 0 173.85pt; text-align: center"><B><U>Directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.8pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 1. Board of
Directors</B>. The board of directors shall have the power to manage and administer the business and affairs of the association.
Except as expressly limited by law, all corporate powers of the association shall be vested in and may be exercised by the board
of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 5.8pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 2. Number</B>.
The board of directors shall consist of not less than five nor more than twenty-five members, unless the OCC has exempted the bank
from the 25-member limit. The exact number within such minimum and maximum limits is to be fixed and determined from time to time
by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any meeting thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.15pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 3. Organization
Meeting</B>. The secretary or treasurer, upon receiving the certificate of the judges of the result of any election, shall notify
the directors-elect of their election and of the time at which they are required to meet at the main office of the association,
or at such other place in the cities of Wilmington, Delaware or Buffalo, New York, to organize the new board of directors and elect
and appoint officers of the association for the succeeding year. Such meeting shall be held on the day of the election or as soon
thereafter as practicable, and, in any event, within 30 days thereof. If, at the time fixed for such meeting, there shall not be
a quorum, the directors present may adjourn the meeting, from time to time, until a quorum is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.8pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 4. Regular Meetings</B>.
The Board of Directors may, at any time and from time to time, by resolution designate the place, date and hour for the holding
of a regular meeting, but in the absence of any such designation, regular meetings of the board of directors shall be held, without
notice, on the first Tuesday of each March, June and September, and on the second Tuesday of each December at the main office or
other such place as the board of directors may designate. When any regular meeting of the board of directors falls upon a holiday,
the meeting shall be held on the next banking business day unless the board of directors shall designate another day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.8pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 5. Special Meetings</B>.
Special meetings of the board of directors may be called by the Chairman of the Board of the association, or at the request of
two or more directors. Each member of the board of directors shall be given notice by telegram, first class mail, or in person
stating the time and place of each special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 6. Quorum</B>.
A majority of the entire board then in office shall constitute a quorum at any meeting, except when otherwise provided by law or
these bylaws, but a lesser number may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without
further notice. If the number of directors present at the meeting is reduced below the number that would constitute a quorum, no
business may be transacted, except selecting directors to fill vacancies in conformance with Article II, Section 7. If a quorum
is present, the board of directors may take action through the vote of a majority of the directors who are in attendance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.15pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 7. Meetings by
Conference Telephone. </B>Any one or more members of the board of directors or any committee thereof may participate in a meeting
of such board or committees by means of a conference telephone or similar communications equipment allowing all persons participating
in the meeting to hear each other at the same time. Participation in a meeting by such means shall constitute presence in person
at such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 12pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 30.1pt 12pt 5.95pt; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 30.1pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 8. Procedures</B>.
The order of business and all other matters of procedure at every meeting of the board of directors may be determined by the person
presiding at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.15pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 9. Removal of
Directors</B>. Any director may be removed for cause, at any meeting of stockholders notice of which shall have referred to the
proposed action, by vote of the stockholders. Any director may be removed without cause, at any meeting of stockholders notice
of which shall have referred to the proposed action, by the vote of the holders of a majority of the shares of the Corporation
entitled to vote. Any director may be removed for cause, at any meeting of the directors notice of which shall have referred to
the proposed action, by vote of a majority of the entire Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.05pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 10. Vacancies</B>.
When any vacancy occurs among the directors, a majority of the remaining members of the board of directors, according to the laws
of the United States, may appoint a director to fill such vacancy at any regular meeting of the board of directors, or at a special
meeting called for that purpose at which a quorum is present, or if the directors remaining in office constitute fewer than a quorum
of the board of directors, by the affirmative vote of a majority of all the directors remaining in office, or by shareholders at
a special meeting called for that purpose in conformance with Section 2 of Article I. At any such shareholder meeting, each shareholder
entitled to vote shall have the right to multiply the number of votes he or she is entitled to cast by the number of vacancies
being filled and cast the product for a single candidate or distribute the product among two or more candidates. A vacancy that
will occur at a specific later date (by reason of a resignation effective at a later date) may be filled before the vacancy occurs
but the new director may not take office until the vacancy occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 172.9pt 0 171pt; text-align: center">ARTICLE III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 172.9pt 0 173.85pt; text-align: center"><B><U>Committees of the Board</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 30.1pt 12pt 6pt; text-indent: 0.5in">The board of directors has
power over and is solely responsible for the management, supervision, and administration of the association. The board of directors
may delegate its power, but none of its responsibilities, to such persons or committees as the board may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 12.1pt 12pt 6pt; text-indent: 0.5in">The board of directors must
formally ratify written policies authorized by committees of the board of directors before such policies become effective. Each
committee must have one or more member(s), and who may be an officer of the association or an officer or director of any affiliate
of the association, who serve at the pleasure of the board of directors. Provisions of the articles of association and these bylaws
governing place of meetings, notice of meeting, quorum and voting requirements of the board of directors, apply to committees and
their members as well. The creation of a committee and appointment of members to it must be approved by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.8pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 1. Loan Committee</B>.
There shall be a loan committee composed of not less than 2 directors, appointed by the board of directors annually or more often.
The loan committee, on behalf of the bank, shall have power to discount and purchase bills, notes and other evidences of debt,
to buy and sell bills of exchange, to examine and approve loans and discounts, to exercise authority regarding loans and discounts,
and to exercise, when the board of directors is not in session, all other powers of the board of directors that may lawfully be
delegated. The loan committee shall keep minutes of its meetings, and such minutes shall be submitted at the next regular meeting
of the board of directors at which a quorum is present, and any action taken by the board of directors with respect thereto shall
be entered in the minutes of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 12pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.45pt 12pt 6pt; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.45pt 12pt 6pt; text-indent: 0.5in"><B>Section 2. Investment Committee</B>.
There shall be an investment committee composed of not less than 2 directors, appointed by the board of directors annually or more
often. The investment committee, on behalf of the bank, shall have the power to ensure adherence to the investment policy, to recommend
amendments thereto, to purchase and sell securities, to exercise authority regarding investments and to exercise, when the board
of directors is not in session, all other powers of the board of directors regarding investment securities that may be lawfully
delegated. The investment committee shall keep minutes of its meetings, and such minutes shall be submitted at the next regular
meeting of the board of directors at which a quorum is present, and any action taken by the board of directors with respect thereto
shall be entered in the minutes of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.15pt 12pt 6pt; text-indent: 0.5in"><B>Section 3. Examining Committee</B>.
There shall be an examining committee composed of not less than 2 directors, exclusive of any active officers, appointed by the
board of directors annually or more often. The duty of that committee shall be to examine at least once during each calendar year
and within 15 months of the last examination the affairs of the association or cause suitable examinations to be made by auditors
responsible only to the board of directors and to report the result of such examination in writing to the board of directors at
the next regular meeting thereafter. Such report shall state whether the association is in a sound condition, and whether adequate
internal controls and procedures are being maintained and shall recommend to the board of directors such changes in the manner
of conducting the affairs of the association as shall be deemed advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.05pt 12pt 6pt; text-indent: 0.5in">Notwithstanding the provisions
of the first paragraph of this section 3, the responsibility and authority of the Examining Committee may, if authorized by law,
be given over to a duly constituted audit committee of the association's parent corporation by a resolution duly adopted by the
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 9.15pt 0 6pt; text-indent: 0.5in"><B>Section 4. Trust Audit
Committee. </B>There shall be a trust audit committee in conformance with Section 1 of Article V.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.15pt 12pt 6pt; text-indent: 0.5in"><B>Section 5. Other Committees</B>.
The board of directors may appoint, from time to time, from its own members, compensation, special litigation and other committees
of one or more persons, for such purposes and with such powers as the board of directors may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 42pt; text-indent: 3pt">However, a committee may not:</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: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.15pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Authorize distributions of assets or dividends;</FONT></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: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.15pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Approve action required to be approved by shareholders;</FONT></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: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.15pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Fill vacancies on the board of directors or any of its committees;</FONT></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: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">(5)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Amend articles of association;</FONT></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: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">(6)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Adopt, amend or repeal bylaws; or</FONT></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: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.05pt">(6)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Authorize or approve issuance or sale or contract for sale of shares, or determine the designation
and relative rights, preferences and limitations of a class or series of shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.15pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 6. Committee Members'
Fees</B>. Committee members may receive a fee for their services as committee members and traveling and other out-of-pocket expenses
incurred in attending any meeting of a committee of which they are a member. The fee may be a fixed sum to be paid for attending
each meeting or a fixed sum to be paid quarterly, or semiannually, irrespective of the number of meetings attended or not attended.
The amount of the fee and the basis on which it shall be paid shall be determined by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 12pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 172.85pt 0 171pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 172.85pt 0 171pt; text-align: center">ARTICLE IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 173.2pt 0 173.85pt; text-align: center"><B><U>Officers and Employees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 4.5pt 12pt 6pt; text-indent: 0.5in"><B>Section 1. Officers. </B>The
board of directors shall annually, at the Annual Reorganization Meeting of the board of directors following the annual meeting
of the shareholders, appoint or elect a Chairperson of the Board, a Chief Executive Officer and a President, and one or more Vice
Presidents, a Corporate Secretary, a Treasurer, a General Auditor, and such other officers as it may determine. At the Annual Reorganization
Meeting, the board of directors shall also elect or reelect all of the officers of the association to hold office until the next
Annual Reorganization Meeting. In the interim between Annual Reorganization Meetings, the board of directors may also elect or
appoint a Chief Executive Officer, a President or such additional officers to the rank of Vice President, including (without limitation
as to title or number) one or more Administrative Vice Presidents, Group Vice Presidents, Senior Vice Presidents and Executive
Vice Presidents, and any other officer positions as they deem necessary and appropriate. The Chief Executive Officer of M&amp;T
Bank, the head of the Human Resources Department of M&amp;T Bank, and any one executive Vice Chairman of M&amp;T Bank, acting jointly,
may appoint one or more officers to the rank of Executive Vice President or Senior Vice President. The head of the Human Resources
Department of M&amp;T Bank or his or her designee or designees, may appoint other officers up to the rank of Group Vice President,
including (without limitation as to title or number) one or more Administrative Vice Presidents, Vice Presidents, Assistant Vice
Presidents, Assistant Secretaries, Assistant Treasurers and Assistant Auditors, and any other officer positions as they deem necessary
and appropriate. Each such person elected or appointed by the board of directors, the Chief Executive Officer of M&amp;T Bank,
the head of the Human Resources Department of M&amp;T Bank, and an executive Vice Chairman of M&amp;T Bank, acting jointly, or
the head of the Human Resources Department of M&amp;T Bank or his or her designee or designees, in between Annual Reorganization
Meetings shall hold office until the next Annual Reorganization Meeting unless otherwise determined by the board of directors or
such authorized officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.15in 12pt 6pt; text-indent: 0.5in"><B>Section 2. Chairperson of
the Board</B>. The board of directors shall appoint one of its members to be the chairperson of the board to serve at its pleasure.
Such person shall preside at all meetings of the board of directors. The chairperson of the board shall supervise the carrying
out of the policies adopted or approved by the board of directors; shall have general executive powers, as well as the specific
powers conferred by these bylaws; and shall also have and may exercise such further powers and duties as from time to time may
be conferred upon or assigned by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.8pt 12pt 6pt; text-indent: 0.5in"><B>Section 3. President</B>.
The board of directors shall appoint one of its members to be the president of the association. In the absence of the chairperson,
the president shall preside at any meeting of the board of directors. The president shall have general executive powers and shall
have and may exercise any and all other powers and duties pertaining by law, regulation, or practice to the office of president,
or imposed by these bylaws. The president shall also have and may exercise such further powers and duties as from time to time
may be conferred or assigned by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.15pt 12pt 6pt; text-indent: 0.5in"><B>Section 4. Vice President</B>.
The board of directors may appoint one or more vice presidents. Each vice president shall have such powers and duties as may be
assigned by the board of directors. One vice president shall be designated by the board of directors, in the absence of the president,
to perform all the duties of the president.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.45pt 12pt 5.95pt; text-indent: 0.5in"><B>Section 5. Secretary</B>.
The board of directors shall appoint a secretary, treasurer, or other designated officer who shall be secretary of the board of
directors and of the association and who shall keep accurate minutes of all meetings. The secretary shall attend to the giving
of all notices required by these bylaws; shall be custodian of the corporate seal, records, documents and papers of the association;
shall provide for the keeping of proper records of all transactions of the association; shall have and may exercise any and all
other powers and duties pertaining by law, regulation or practice to the office of</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.45pt 12pt 5.95pt">treasurer, or imposed by these bylaws; and shall
also perform such other duties as may be assigned from time to time, by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.15pt 12pt 6pt; text-indent: 0.5in"><B>Section 6. Other Officers</B>.
The board of directors may appoint one or more assistant vice presidents, one or more trust officers, one or more assistant secretaries,
one or more assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys
in fact as from time to time may appear to the board of directors to be required or desirable to transact the business of the association.
Such officers shall respectively exercise such powers and perform such duties as pertain to their several offices, or as may be
conferred upon or assigned to them by the board of directors, the chairperson of the board, or the president. The board of directors
may authorize an officer to appoint one or more officers or assistant officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 14.5pt 12pt 5pt; text-indent: 0.5in"><B>Section 7. Tenure of Office</B>.
The president and all other officers shall hold office for the current year for which the board of directors was elected, unless
they shall resign, become disqualified, or be removed; and any vacancy occurring in the office of president shall be filled promptly
by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.15pt 12pt 5pt; text-indent: 0.5in"><B>Section 8. Resignation</B>.
An officer may resign at any time by delivering notice to the association. A resignation is effective when the notice is given
unless the notice specifies a later effective date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 164.5pt 0 165.4pt; text-align: center">ARTICLE V</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 164.55pt 0 165.4pt; text-align: center"><B><U>Fiduciary Activities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 5.45pt 12pt 5pt; text-indent: 0.5in"><B>Section 1. Trust Audit
Committee. </B>There shall be a Trust Audit Committee composed of not less than 2 directors, appointed by the board of directors,
which shall, at least once during each calendar year make suitable audits of the association&rsquo;s fiduciary activities or cause
suitable audits to be made by auditors responsible only to the board, and at such time shall ascertain whether fiduciary powers
have been administered according to law, Part 9 of the Regulations of the Comptroller of the Currency, and sound fiduciary principles.
Such committee: (1) must not include any officers of the bank or an affiliate who participate significantly in the administration
of the bank&rsquo;s fiduciary activities; and (2) must consist of a majority of members who are not also members of any committee
to which the board of directors has delegated power to manage and control the fiduciary activities of the bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.15pt 12pt 5pt; text-indent: 0.5in">Notwithstanding the provisions
of the first paragraph of this section 1, the responsibility and authority of the Trust Audit Committee may, if authorized by law,
be given over to a duly constituted audit committee of the association&rsquo;s parent corporation by a resolution duly adopted
by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.8pt 12pt 5pt; text-indent: 0.5in"><B>Section 2. Fiduciary Files.
</B>There shall be maintained by the association all fiduciary records necessary to assure that its fiduciary responsibilities
have been properly undertaken and discharged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 12pt 5pt; text-indent: 0.5in"><B>Section 3. Trust Investments.
</B>Funds held in a fiduciary capacity shall be invested according to the instrument establishing the fiduciary relationship and
applicable law. Where such instrument does not specify the character and class of investments to be made, but does vest in the
association investment discretion, funds held pursuant to such instrument shall be invested in investments in which corporate fiduciaries
may invest under applicable law.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.8pt 164.45pt 0 165.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.8pt 164.45pt 0 165.4pt; text-align: center">ARTICLE VI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 164.6pt 0 165.4pt; text-align: center"><B><U>Stock and Stock Certificates</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 6.1pt 12pt 5pt; text-indent: 0.5in"><B>Section 1. Transfers</B>.
Shares of stock shall be transferable on the books of the association, and a transfer book shall be kept in which all transfers
of stock shall be recorded. Every person becoming a shareholder by such transfer shall in proportion to such shareholder's shares,
succeed to all rights of the prior holder of such shares. The board of directors may impose conditions upon the transfer of the
stock reasonably calculated to simplify the work of the association with respect to stock transfers, voting at shareholder meetings
and related matters and to protect it against fraudulent transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 12pt 5pt; text-indent: 0.5in"><B>Section 2. Stock Certificates</B>.
Certificates of stock shall bear the signature of the president (which may be engraved, printed or impressed) and shall be signed
manually or by facsimile process by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed
by the board of directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved
thereon. Each certificate shall recite on its face that the stock represented thereby is transferable only upon the books of the
association properly endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 51.45pt 12pt 5pt; text-indent: 0.5in">The board of directors may
adopt or use procedures for replacing lost, stolen, or destroyed stock certificates as permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 12.45pt 12pt 5pt; text-indent: 0.5in">The association may establish
a procedure through which the beneficial owner of shares that are registered in the name of a nominee may be recognized by the
association as the shareholder. The procedure may set forth:</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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.25pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The types of nominees to which it applies;</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.25pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The rights or privileges that the association recognizes in a beneficial owner;</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.25pt">(3)</FONT></TD><TD STYLE="padding-right: 16.3pt"><FONT STYLE="font-size: 10pt">How the nominee may request the association to recognize the beneficial
owner as the shareholder;</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.25pt">(4)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The information that must be provided when the procedure is selected;</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.25pt">(5)</FONT></TD><TD STYLE="padding-right: 21.05pt"><FONT STYLE="font-size: 10pt">The period over which the association will continue to recognize
the beneficial owner as the shareholder;</FONT></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: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -0.25pt">(6)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Other aspects of the rights and duties created.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 164.55pt 0 165.4pt; text-align: center">ARTICLE VII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 164.6pt 0 165.3pt; text-align: center"><B><U>Corporate Seal</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 6.15pt 12pt 5pt; text-indent: 0.5in"><B>Section 1. Seal</B>.
The seal of the association shall be in such form as may be determined from time to time by the board of directors. The president,
the treasurer, the secretary or any assistant treasurer or assistant secretary, or other officer thereunto designated by the board
of directors shall have authority to affix the corporate seal to any document requiring such seal and to attest the same. The seal
on any corporate obligation for the payment of money may be facsimile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 6.15pt 12pt 5pt; text-indent: 0.5in">&nbsp;<BR STYLE="clear: both">
</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 173.85pt 0 172.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 173.85pt 0 172.95pt; text-align: center">ARTICLE VIII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 173.85pt 0 172.95pt; text-align: center"><B><U>Miscellaneous Provisions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 41pt"><B>Section 1. Fiscal Year</B>. The fiscal year of the
association shall be the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6pt 12pt 5pt; text-indent: 0.5in"><B>Section 2. Execution of
Instruments</B>. All agreements, indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges,
releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments
or documents may be signed, executed, acknowledged, verified, delivered or accepted on behalf of the association by the chairperson
of the board, or the president, or any vice president, or the secretary, or the treasurer, or, if in connection with the exercise
of fiduciary powers of the association, by any of those offices or by any trust officer. Any such instruments may also be executed,
acknowledged, verified, delivered or accepted on behalf of the association in such other manner and by such other officers as the
board of directors may from time to time direct. The provisions of this section 2 are supplementary to any other provision of these
bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.15pt 12pt 5pt; text-indent: 0.5in"><B>Section 3. Records</B>.
The articles of association, the bylaws and the proceedings of all meetings of the shareholders, the board of directors, and standing
committees of the board of directors shall be recorded in appropriate minute books provided for that purpose. The minutes of each
meeting shall be signed by the secretary, treasurer or other officer appointed to act as secretary of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 24.25pt 12pt 5pt; text-align: justify; text-indent: 0.5in"><B>Section
4. Corporate Governance Procedures. </B>To the extent not inconsistent with federal banking statutes and regulations, or safe and
sound banking practices, the association may follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended
1994, and as amended thereafter) with respect to matters of corporate governance procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.15pt 12pt 5pt; text-indent: 0.5in"><B>Section 5. Indemnification.
</B>For purposes of this Section 5 of Article VIII, the term &ldquo;institution-affiliated party&rdquo; shall mean any institution-affiliated
party of the association as such term is defined in 12 U.S.C. 1813(u).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 12pt 5pt; text-indent: 0.5in">Any institution-affiliated party
(or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses
actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil,
criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such
law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking
agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed
from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and
desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association
shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify
such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees,
penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding
(or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such
action or proceeding (or part thereof) was authorized by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 12pt 5.95pt; text-indent: 0.5in">Expenses incurred by an institution-affiliated
party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or
1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by
the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated
party (or his or her heirs, executors or administrators) has a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.85pt 12pt 5.95pt">reasonable basis for prevailing on the merits,
(b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial
capacity to reimburse the bank in the event he or she does not prevail, (c) a determination that the payment of expenses and fees
by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by
or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement
in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed
from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and
desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances,
expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any
action or proceeding as to which indemnification may be given under these articles of association may be paid by the association
in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated
party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution-
affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as
authorized by these bylaws and (b) approval by the board of directors acting by a quorum consisting of directors who are not parties
to such action or proceeding or, if such a quorum is not obtainable, then approval by stockholders. To the extent permitted by
law, the board of directors or, if applicable, the stockholders, shall not be required to find that the institution-affiliated
party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.15pt 12pt 5.95pt; text-indent: 0.5in">In the event that a majority
of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification,
the remaining members of the board may authorize independent legal counsel to review the indemnification request and provide the
remaining members of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs
of this Section 5 of Article VIII have been met. If independent legal counsel opines that said conditions have been met, the remaining
members of the board of directors may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 8.45pt 12pt 6pt; text-indent: 0.5in">In the event that all of
the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification,
the board shall authorize independent legal counsel to review the indemnification request and provide the board with a written
opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have
been met. If legal counsel opines that said conditions have been met, the board of directors may rely on such opinion in authorizing
the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9.15pt 12pt 6pt; text-indent: 0.5in">To the extent permitted under
applicable law, the rights of indemnification and to the advancement of expenses provided in these articles of association (a)
shall be available with respect to events occurring prior to the adoption of these bylaws, (b) shall continue to exist after any
restrictive amendment of these bylaws with respect to events occurring prior to such amendment, (c) may be interpreted on the basis
of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on
the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may
be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs,
executors or administrators) for whom such rights are sought were parties to a separate written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.15pt 12pt 6pt; text-indent: 0.5in">The rights of indemnification
and to the advancement of expenses provided in these bylaws shall not, to the extent permitted under applicable law, be deemed
exclusive of any other rights to which any such institution-affiliated party (or his or her heirs, executors or administrators)
may now or hereafter be otherwise entitled whether contained in the association&rsquo;s articles of association, these bylaws,
a resolution of stockholders, a resolution of the board of directors, or an agreement providing such indemnification, the creation
of such other rights being hereby expressly authorized. Without limiting the generality of the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.15pt 12pt 6pt">foregoing, the rights of indemnification and to
the advancement of expenses provided in these bylaws shall not be deemed exclusive of any rights, pursuant to statute or otherwise,
of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding
to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein
or in connection therewith or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 12pt 6pt; text-indent: 0.5in">If this Section 5 of Article
VIII or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified
to the minimum extent necessary to make it enforceable, and the remainder of this Section 5 of Article VIII shall remain fully
enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.15pt 12pt 5.95pt; text-indent: 0.5in">The association may, upon
affirmative vote of a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to
the extent that such indemnification is allowed in these bylaws; provided, however, that no such insurance shall include coverage
for a final order assessing civil money penalties against such persons by a bank regulatory agency. Such insurance may, but need
not, be for the benefit of all institution- affiliated parties.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.8pt 157.5pt 0 164.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.8pt 157.5pt 0 164.5pt; text-align: center">ARTICLE IX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 157.8pt 0 164.5pt; text-align: center"><B><U>Inspection and Amendments</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 6.45pt 12pt 5pt; text-indent: 0.5in"><B>Section 1. Inspection</B>.
A copy of the bylaws of the association, with all amendments, shall at all times be kept in a convenient place at the main office
of the association, and shall be open for inspection to all shareholders during banking hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.45pt 12pt 5pt; text-indent: 0.5in"><B>Section 2. Amendments</B>.
The bylaws of the association may be amended, altered or repealed, at any regular meeting of the board of directors, by a vote
of a majority of the total number of the directors except as provided below, and provided that the following language accompany
any such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.15in 12pt 5pt; text-indent: 0.5in">I,____________________________, certify that: (1) I am
the duly constituted (secretary or treasurer) of<U>________________</U>and secretary of its board of directors, and as such officer am the
official custodian of its records; (2) the foregoing bylaws are the bylaws of the association, and all of them are now lawfully
in force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.15in 12pt 5pt; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 41pt; text-indent: -0.5pt">I have hereunto affixed my official
signature on this _________day of _______________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="margin: 0 0 0 40pt"><IMG SRC="pptslide_003.jpg" ALT="" STYLE="width: 297px; height: 2px"></P>

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

<P STYLE="font: 10pt/12.35pt Times New Roman, Times, Serif; margin: 0 0 12pt 41pt; text-indent: 1in">(Secretary or Treasurer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.25pt 12pt 5pt; text-indent: 0.5in">The association's shareholders
may amend or repeal the bylaws even though the bylaws also may be amended or repealed by the board of directors.</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; text-align: center"><B>EXHIBIT 6</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">&nbsp;</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#9;<B>Section 321(b) Consent</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as
amended, Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial or
District authorities may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.</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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    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/ Michael H. Wass</U></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael H. Wass</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President </FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT 7</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: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>R E P O R T O F C O N D I T I O N</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"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</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">As of the close of business on March 31, 2020</P>

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    <TD STYLE="width: 71%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Thousands of Dollars</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and balances due from depository institutions:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,217,453</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,151</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal funds sold and securities purchased under agreement to resell:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans and leases held for sale:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans and leases net of unearned income, allowance:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,542</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Premises and fixed asset</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,052</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other real estate owned:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">245</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments in unconsolidated subsidiaries and associated companies:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct and indirect investments in real estate ventures:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">931</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other assets:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">105,342</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Assets:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,481,716</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Thousands of Dollars</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,714,119</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal funds purchased and securities sold under agreements to repurchase</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other borrowed money:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Liabilities:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">153,895</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,868,014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EQUITY CAPITAL </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Thousands of Dollars</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surplus</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">404,054</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained Earnings</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">209,336</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive income</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(688)</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Equity Capital</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">613,702</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Liabilities and Equity Capital</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,481,716</FONT></TD></TR>
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