LQNHG WR WKH 1 DVGDT ,QGH[

/ LQNHG WR WKH 1 DVGDT ,QGH[

7 KH &DSSHG %XIIHUHG ( QKDQFHG 5 HWXUQ 1 RWHV/ LQNHG WR WKH 1 DVGDT ,QGH[ GXH 0 DUFK WKH ‡1 RWHV· SULFHG RQ$ XJ XVW DQG Z LOOLVVXH RQ 6 HSWHP EHU

$ SSUR[ LP DWH P RQWK WHUP

3 D\ P HQWRQ WKH 1 RWHVZ LOOGHSHQG RQ WKH SHUIRUP DQFH RI WKH 1 DVGDT ,QGH[ WKH ‡8 QGHUO\ LQJ ·

,I WKH ( QGLQJ 9 DOXH RI WKH 8 QGHUO\ LQJ LV J UHDWHUWKDQ RI LWV 6 WDUWLQJ 9 DOXH DWP DWXULW\ \ RX Z LOOUHFHLYH XSVLGH H[ SRVXUH WR LQFUHDVHV LQ WKH YDOXH RI WKH 8 QGHUO\ LQJ VXEMHFWWR WK 0 D[ 5 HWXUQ RI

+ RZ HYHU LI WKH 8 QGHUO\ LQJ GHFOLQHV E\ P RUH WKDQ IURP LWV 6 WDUWLQJ 9 DOXH DWP DWXULW\ \ RXULQYHVWP HQWZ LOOEH VXEMHFWWR GRZ QVLGH H[ SRVXUH WR GHFUHDVHV LQ WKH YDOXH RI WKH 8 QGHUO\ LQJ EH\ RQG D GHFOLQH Z LWK XS WR RI WKH SULQFLSDODWULVN RWKHUZ LVH DWP DWXULW\ \ RX Z LOOUHFHLYH WKH SULQFLSDODP RXQW

$ Q\ SD\ P HQWRQ WKH 1 RWHVLVVXEMHFWWR WKH FUHGLWULVNRI %RI$ ) LQDQFH / / & ‡%RI$ ) LQDQFH· RUWKH ‡,VVXHU· DVLVVXHURI WKH 1 RWHV DQG %DQNRI $ P HULFD &RUSRUDWLRQ ‡%$ &· RUWKH ‡* XDUDQWRU· DVJ XDUDQWRURI WKH 1 RWHV

1 R SHULRGLF LQWHUHVWSD\ P HQWV

7 KH 1 RWHVZ LOOQRWEH OLVWHG RQ DQ\ VHFXULWLHVH[ FKDQJ H &8 6 ,3 1 R ’ ( 0

7 KH LQLWLDOHVWLP DWHG YDOXH RI WKH 1 RWHV DV RI WKH SULFLQJ GDWH LV SHU LQ SULQFLSDODP RXQWRI 1 RWHV Z KLFK LV OHVV WKDQ WKH SXEOLF RIIHULQJ SULFH OLVWHG EHORZ 7 KH DFWXD YDOXH RI \ RXU1 RWHV DWDQ\ WLP H Z LOOUHIOHFWP DQ\ IDFWRUV DQG FDQQRWEH SUHGLFWHG Z LWK DFFXUDF\ 6 HH ‡5 LVN ) DFWRUV· EHJ LQQLQJ RQ SDJ H 3 6 RI WKLV SULFLQJ VXSSOHP HQWDQG ‡6 WUXFWXULQJ WKH 1 RWHV· R SDJ H 3 6 RI WKLVSULFLQJ VXSSOHP HQWIRUDGGLWLRQDOLQIRUP DWLRQ

7 KHUH DUH LP SRUWDQWGLIIHUHQFHV EHWZ HHQ WKH 1 RWHV DQG D FRQYHQWLRQDOGHEWVHFXULW\ 3 RWHQWLDOSXUFKDVHUV RI WKH 1 RWHV VKRXOG FRQVLGHUWKH LQIRUP DWLRQ LQ ‡5 LVN ) DFWRUV· EHJ LQQLQJ R SDJ H 3 6 RI WKLV SULFLQJ VXSSOHP HQW SDJ H 3 6 RI WKH DFFRP SDQ\ LQJ SURGXFWVXSSOHP HQWSDJ H 6 RI WKH DFFRP SDQ\ LQJ SURVSHFWXV VXSSOHP HQWDQG SDJ H RI WKH DFFRP SDQ\ LQJ SURVSHFWXV

1 RQH RI WKH 6 HFXULWLHV DQG ( [ FKDQJ H &RP P LVVLRQ WKH ‡6 ( &· DQ\ VWDWH VHFXULWLHV FRP P LVVLRQ RUDQ\ RWKHUUHJ XODWRU\ ERG\ KDV DSSURYHG RUGLVDSSURYHG RI WKHVH VHFXULWLHV RUGHWHUP LQHG LI WKL SULFLQJ VXSSOHP HQWDQG WKH DFFRP SDQ\ LQJ SURGXFWVXSSOHP HQWSURVSHFWXVVXSSOHP HQWDQG SURVSHFWXVLVWUXWKIXORUFRP SOHWH $ Q\ UHSUHVHQWDWLRQ WR WKH FRQWUDU\ LVD ▇▇▇▇ LQDORIIHQVH

	3 XEOLF RIIHULQJ SULFH	8 QGHUZ ULWLQJ GLVFRXQW	3 URFHHGV EHIRUH H[ SHQVHV WR %RI$ ) LQDQFH
3 HU1 RWH
7RWDO

&HUWDLQ GHDOHUV Z KR SXUFKDVH WKH 1 RWHV IRUVDOH WR FHUWDLQ IHH EDVHG DGYLVRU\ DFFRXQWV P D\ IRUJ R VRP H RUDOORI WKHLUVHOOLQJ FRQFHVVLRQV IHHV RUFRP P LVVLRQV 7 KH SXEOLF RIIHULQJ SULFH IR LQYHVWRUVSXUFKDVLQJ WKH 1 RWHVLQ WKHVH IHH EDVHG DGYLVRU\ DFFRXQWVP D\ EH DVORZ DV SHU LQ SULQFLSDODP RXQWRI 1 RWHV

7 KH XQGHUZ ULWLQJ GLVFRXQWSHU LQ SULQFLSDODP RXQWRI 1 RWHV P D\ EH DV KLJ K DV UHVXOWLQJ LQ SURFHHGV EHIRUH H[ SHQVHV WR %RI$ ) LQDQFH RI DV ORZ DV SHU L SULQFLSDODP RXQWRI 1 RWHV 7 KH WRWDOXQGHUZ ULWLQJ GLVFRXQWDQG SURFHHGV EHIRUH H[ SHQVHV WR %RI$ ) LQDQFH VSHFLILHG DERYH UHIOHFWWKH DJ J UHJ DWH RI WKH XQGHUZ ULWLQJ GLVFRXQWV SHU L SULQFLSDODP RXQWRI 1 RWHV

7 KH 1 RWHV DQG WKH UHODWHG J XDUDQWHH

$ UH 1 RW) ’ ,& ,QVXUHG $ UH 1 RW%DQN* XDUDQWHHG 0 D\ / RVH 9 DOXH

6 HOOLQJ $ J HQW