Obbligazione ComcastX 1.625% ( US20030NBV29 ) in USD

ComcastX

100 USD ▼

Stati Uniti

US20030NBV29 ( in USD )

1.625% per anno ( pagato 2 volte l'anno)

15/01/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Comcast US20030NBV29 in USD 1.625%, scaduta

2 000 USD

700 000 000 USD

20030NBV2

N/A

Comcast è una società di telecomunicazioni statunitense che offre servizi di televisione via cavo, internet ad alta velocità e telefonia.

The Obbligazione issued by ComcastX ( United States ) , in USD, with the ISIN code US20030NBV29, pays a coupon of 1.625% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 15/01/2022

Form 424B2
424B2 1 d340762d424b2.htm FORM 424B2
Table of Contents
CALCULATION OF REGISTRATION FEE

Proposed
Maximum
Title Of Each Class Of
Aggregate
Amount Of
Securities To Be Registered

Offering Price
Registration Fee(1)
1.625% Notes due 2022

$700,000,000
$70,490
2.350% Notes due 2027

$1,400,000,000
$140,980
3.200% Notes due 2036

$1,000,000,000
$100,700
3.400% Notes due 2046

$1,400,000,000
$140,980

Total

$4,500,000,000
$453,150

(1)
Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended.
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-191239
PROSPECTUS SUPPLEMENT
(To prospectus dated November 23, 2015)

$700,000,000 1.625% Notes due 2022
$1,400,000,000 2.350% Notes due 2027
$1,000,000,000 3.200% Notes due 2036
$1,400,000,000 3.400% Notes due 2046

The Notes due 2022 will bear interest at a rate of 1.625% per year and will mature on January 15, 2022, the Notes due 2027 will bear interest
at a rate of 2.350% per year and will mature on January 15, 2027, the Notes due 2036 will bear interest at a rate of 3.200% per year and will
mature on July 15, 2036 and the Notes due 2046 will bear interest at a rate of 3.400% per year and will mature on July 15, 2046. We refer to the
Notes due 2022, the Notes due 2027, the Notes due 2036 and the Notes due 2046 collectively as the "notes." We will pay interest on the notes on
January 15 and July 15 of each year, beginning January 15, 2017. We may redeem any of the notes at any time by paying the applicable
Redemption Price described under the heading "Description of the Notes--Optional Redemption."
The notes will be unsecured and will rank equally with all of our and our guarantors' unsecured and unsubordinated indebtedness. The notes
will be fully and unconditionally guaranteed by our wholly-owned subsidiaries named in this prospectus supplement and in the accompanying
prospectus.

Investing in these securities involves certain risks. See "Item 1A--Risk Factors" beginning on page 25 of
Comcast Corporation's ("Comcast") Annual Report on Form 10-K for the year ended December 31, 2015,
which is incorporated by reference herein.

Proceeds to Us
Underwriters'
Before

Price to Investors

Discount

Expenses

Per note due 2022(1)

99.901%

0.250%

99.651%
Total

$699,307,000
$1,750,000
$697,557,000
Per note due 2027(1)

99.880%

0.450%

99.430%
Total

$1,398,320,000
$6,300,000
$1,392,020,000
Per note due 2036(1)

99.313%

0.650%

98.663%
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Form 424B2
Total

$993,130,000
$6,500,000
$986,630,000
Per note due 2046(1)

99.126%

0.750%

98.376%
Total

$1,387,764,000
$10,500,000
$1,377,264,000

(1)
Plus accrued interest, if any, from July 19, 2016, if settlement occurs after that date.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities
or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is
a criminal offense.
The notes will be ready for delivery only through The Depository Trust Company and its participants, including Euroclear SA/NV
("Euroclear") and Clearstream Banking SA ("Clearstream"), in book-entry form on or about July 19, 2016, which is the fifth business day
following the date of this prospectus supplement. See "Underwriting."
Joint Book-Running Managers

Citigroup

J.P. Morgan

Mizuho Securities

Barclays

Goldman, Sachs & Co.

SMBC Nikko

Co-Managers

BofA Merrill Lynch

BNP PARIBAS

Credit Suisse
Deutsche Bank Securities

Morgan Stanley

RBC Capital Markets
TD Securities

Wells Fargo Securities
COMMERZBANK

DNB Markets
PNC Capital Markets LLC

US Bancorp
Lloyds Securities

SOCIETE GENERALE
Allen & Company LLC

Evercore ISI
CastleOak Securities, L.P.

C.L. King & Associates

Drexel Hamilton
Lebenthal Capital Markets

Loop Capital Markets

Mischler Financial Group, Inc.
Ramirez & Co., Inc.

The Williams Capital Group, L.P.

The date of this prospectus supplement is July 12, 2016.
Table of Contents
TABLE OF CONTENTS

Prospectus Supplement

Page
Where You Can Find More Information

ii
Prospectus Supplement Summary
S-1
Use of Proceeds
S-5
Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends
S-6
Description of the Notes
S-7
Material U.S. Federal Income Tax Consequences for Non-U.S. Holders
S-12
Underwriting
S-15
Legal Matters
S-20
Experts
S-20
Prospectus

The Companies

1
Caution Concerning Forward-Looking Statements

3
Use of Proceeds

5
Dividend Policy

5
Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends

5
Description of Debt Securities and Guarantees

6
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Form 424B2
Global Securities

19
Description of Capital Stock

21
Plan of Distribution

24
Legal Matters

25
Experts

25
Available Information

25
Incorporation of Certain Documents by Reference

26
We have not, and the underwriters have not, authorized anyone to provide any information other than that contained or incorporated by
reference in this prospectus supplement and the accompanying prospectus or the free writing prospectus prepared by or on behalf of us or to which
we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other
information that others may give you. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the
offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement, the accompanying prospectus, any
related free writing prospectus and the documents incorporated by reference herein or therein is accurate only as of their respective dates. Our
business, financial condition, results of operations and prospects may have changed since those dates.

i
Table of Contents
WHERE YOU CAN FIND MORE INFORMATION
The SEC allows us to "incorporate by reference" the information we file with them, which means that we can disclose important information
to you by referring you directly to those documents. The information incorporated by reference is considered to be part of this prospectus
supplement. In addition, information we file with the SEC in the future will automatically update and supersede information contained in this
prospectus supplement and the accompanying prospectus.
This prospectus supplement incorporates by reference the documents of Comcast and NBCUniversal Media, LLC ("NBCUniversal") set forth
below that we or NBCUniversal have previously filed with the SEC:

· Comcast's and NBCUniversal's combined Annual Report on Form 10-K for the year ended December 31, 2015, filed on February 5,

2016.

· Comcast's and NBCUniversal's combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed on April 27,

2016.

· Comcast's Current Reports on Form 8-K and amendments thereto filed on February 17, 2016, February 23, 2016, March 30, 2016, May

24, 2016, May 26, 2016, May 31, 2016 (other than Item 7.01 thereto) and July 1, 2016.

· The sections of Comcast's Definitive Proxy Statement on Schedule 14A for the 2016 annual meeting of shareholders incorporated by

reference in Comcast's Annual Report on Form 10-K for the year ended December 31, 2015.
We and NBCUniversal also incorporate by reference into this prospectus supplement and the accompanying prospectus additional documents
that we or NBCUniversal may file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), until we sell all of the securities we are offering. Any statement contained in a previously filed document incorporated by
reference into this prospectus supplement is deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a
statement contained in this prospectus supplement, or in a subsequently filed document also incorporated by reference herein, modifies or
supersedes that statement. We will provide free copies of any of those documents, if you write or telephone us at: One Comcast Center,
Philadelphia, Pennsylvania 19103-2838, (215) 286-1700.

ii
Table of Contents
PROSPECTUS SUPPLEMENT SUMMARY
The Companies
Comcast Corporation
We are a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. We present our
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Form 424B2
operations for Comcast Cable in one reportable business segment, referred to as Cable Communications, and our operations for
NBCUniversal in four reportable business segments.

· Cable Communications: Consists of the operations of Comcast Cable, which is one of the nation's largest providers of video,

high-speed Internet and voice services to residential customers under the XFINITY brand, and we also provide these and other
services to business customers and sell advertising.

· Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable

networks, and our cable television studio production operations.

· Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our 10 NBC and 17 Telemundo owned

local broadcast television stations, and our broadcast television studio production operations.

· Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and

distributes filmed entertainment worldwide.

· Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California. In November 2015,

NBCUniversal acquired a 51% interest in the Universal Studios theme park located in Osaka, Japan.
The Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks segments comprise the NBCUniversal businesses
and are collectively referred to as the "NBCUniversal segments."
Our other business interests primarily include Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena
in Philadelphia, Pennsylvania and operates arena management-related businesses.
On April 28, 2016, we entered into an agreement to acquire the outstanding stock of DreamWorks Animation SKG, Inc., a global family
entertainment company, for $41 per share in cash or approximately $3.8 billion. The acquisition is expected to close by the end of 2016,
subject to antitrust approvals abroad, as well as the satisfaction of other customary closing conditions. In June 2016, the Federal Trade
Commission granted Comcast's request for early termination of its antitrust review of the DreamWorks acquisition.
For a description of our business, financial condition, results of operations and other important information regarding us, see our filings
with the Securities and Exchange Commission ("SEC") incorporated by reference in the accompanying prospectus. For instructions on how to
find copies of these and our other filings incorporated by reference in the accompanying prospectus, see "Available Information" in the
accompanying prospectus.
Comcast's principal executive offices are located at One Comcast Center, Philadelphia, Pennsylvania 19103-2838. Comcast's telephone
number is (215) 286-1700. The address of our website is www.comcastcorporation.com. The information on, or accessible through, our
website is not part of this prospectus supplement or the accompanying prospectus.

S-1
Table of Contents
The Guarantors
Our obligations, including the payment of principal, premium, if any, and interest on the notes will be fully and unconditionally
guaranteed by each of Comcast Cable Communications, LLC ("Comcast Cable Communications") and NBCUniversal. In this prospectus
supplement, we refer to these guarantors as the guarantors and to these guarantees as the guarantees. Effective October 1, 2015, three former
guarantors, Comcast Cable Holdings, LLC, Comcast MO of Delaware, LLC and Comcast MO Group, LLC, merged with and into Comcast
Cable Communications.
The guarantees will not contain any restrictions on the ability of any guarantor to:

· pay dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of that

guarantor's capital stock; or

· make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt securities of that guarantor.
Comcast Cable Communications' principal place of business is One Comcast Center, Philadelphia, Pennsylvania 19103-2838.
NBCUniversal's principal executive offices are located at 30 Rockefeller Plaza, New York, New York 10112-0015.

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Form 424B2

S-2
Table of Contents
The Offering

Issuer
Comcast Corporation.

Securities Offered
$700,000,000 aggregate principal amount of 1.625% Notes due 2022.

$1,400,000,000 aggregate principal amount of 2.350% Notes due 2027.

$1,000,000,000 aggregate principal amount of 3.200% Notes due 2036.

$1,400,000,000 aggregate principal amount of 3.400% Notes due 2046.

Maturity
The Notes due 2022 will mature on January 15, 2022.

The Notes due 2027 will mature on January 15, 2027.
The Notes due 2036 will mature on July 15, 2036.
The Notes due 2046 will mature on July 15, 2046.

Interest
Interest on the Notes due 2022 will accrue at the rate of 1.625% per year, payable
semiannually in cash in arrears on January 15 and July 15, beginning January 15, 2017.
Interest on the Notes due 2027 will accrue at the rate of 2.350% per year, payable
semiannually in cash in arrears on January 15 and July 15, beginning January 15, 2017.
Interest on the Notes due 2036 will accrue at the rate of 3.200% per year, payable
semiannually in cash in arrears on January 15 and July 15, beginning January 15, 2017.
Interest on the Notes due 2046 will accrue at the rate of 3.400% per year, payable
semiannually in cash in arrears on January 15 and July 15, beginning January 15, 2017.

Ranking
The notes will be unsecured and will rank equally with all of our and the guarantors'
unsecured and unsubordinated indebtedness.

Guarantors
Comcast Cable Communications and NBCUniversal.

Guarantees
The guarantors will fully and unconditionally guarantee the notes, including the payment
of principal, premium, if any, and interest. The guarantees will rank equally with all
other general unsecured and unsubordinated obligations of the guarantors.

Optional Redemption
We may, at our option, redeem any series of notes, in whole or in part, at any time at the
applicable Redemption Price determined as set forth under the heading "Description of
the Notes--Optional Redemption."

Use of Proceeds
We intend to use the net proceeds from this offering, after deducting the underwriters'
discount and expenses, to fund our acquisition of DreamWorks Animation SKG, Inc.,
and for working capital and general corporate purposes. The DreamWorks purchase
price is approximately $3.8 billion.

S-3
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Form 424B2
Table of Contents
Book-Entry
The notes will be issued in book-entry form and will be represented by global notes
deposited with, or on behalf of, DTC and registered in the name of DTC or its nominees.
Beneficial interests in any of the notes will be shown on, and transfers will be effected
only through, records maintained by DTC or its nominee or indirectly through
organizations that have accounts with DTC, including Euroclear and Clearstream, and
these beneficial interests may not be exchanged for certificated notes, except in limited
circumstances. See "Description of the Notes--Book-Entry System" in this prospectus
supplement.

S-4
Table of Contents
USE OF PROCEEDS
We intend to use the net proceeds from this offering, after deducting the underwriters' discount and expenses, to fund our acquisition of
DreamWorks Animation SKG, Inc., and for working capital and general corporate purposes. The DreamWorks purchase price is approximately
$3.8 billion.

S-5
Table of Contents
RATIOS OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
Our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred dividends were as follows for the
respective periods indicated:

For the Three Months
Ended March 31,

For the Years Ended December 31,
2016

2015

2014

2013

2012

2011
5.40x

5.48x

5.22x

4.85x

4.82x

4.04x
We have no issued or outstanding Comcast preferred stock and, as a result, the ratio of earnings to fixed charges is the same as the ratio of
earnings to combined fixed charges and preferred dividends. For purposes of calculating the ratios, earnings is the amount resulting from
(1) adding (a) pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or
loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d) distributed income of equity investees and (e) our share of
pretax losses of equity investees for which charges arising from guarantees are included in fixed charges and (2) subtracting (i) interest capitalized,
(ii) preference security dividend requirements of consolidated subsidiaries and (iii) the noncontrolling interest in pretax income of subsidiaries that
have not incurred fixed charges. Fixed charges is the sum of (w) interest expensed and capitalized, (x) amortized premiums, discounts and
capitalized expenses related to indebtedness, (y) an estimate of the interest within rental expense and (z) preference security dividend requirements
of our consolidated subsidiaries. Preference security dividend requirements are the amount of pretax earnings required to pay the dividends on
outstanding preference securities. Interest associated with our uncertain tax positions is a component of income tax expense.

S-6
Table of Contents
DESCRIPTION OF THE NOTES
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Form 424B2
We are offering $700,000,000 aggregate principal amount of our 1.625% Notes due 2022, $1,400,000,000 aggregate principal amount of our
2.350% Notes due 2027, $1,000,000,000 aggregate principal amount of our 3.200% Notes due 2036 and $1,400,000,000 aggregate principal
amount of our 3.400% Notes due 2046. The Notes due 2022, the Notes due 2027, the Notes due 2036 and the Notes due 2046 will each be a
separate series of securities issued under a senior indenture dated September 18, 2013, entered into among us, the guarantors and The Bank of New
York Mellon, as trustee, as amended by the first supplemental indenture dated as of November 17, 2015, entered into among us, the guarantors, and
The Bank of New York Mellon, as trustee (as amended, the "indenture"). The notes will be our direct unsecured and unsubordinated obligations
and will be fully and unconditionally guaranteed by Comcast Cable Communications and NBCUniversal, referred to as the guarantors, as described
below. The terms of the notes include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act of
1939, as amended. The indenture provides that we will have the ability to issue securities with terms different from those of the notes. We also
have the ability to "reopen" a series of these notes and issue additional notes of such series. Additional notes of such series will be consolidated
with and form a single series with the notes then outstanding of such series; provided that if such additional notes are not fungible with the notes of
the applicable series offered hereby for U.S. federal income tax purposes, such additional notes will have one or more separate CUSIP numbers.
Copies of the indenture and the form of notes are available from us upon request.
The following, along with the additional information contained in the accompanying prospectus under "Description of Debt Securities and
Guarantees," is a summary of the material provisions of the indenture, the notes and the guarantees. Because this is a summary, it may not contain
all the information that is important to you. For further information, you should read the notes and the indenture.
Basic Terms of the Notes
The notes:

· will rank equally with all of our other unsecured and unsubordinated debt and will be entitled to the benefits of the guarantees described

below;

· will be issued in an initial aggregate principal amount of $4,500,000,000 comprised as follows:

·
$700,000,000 initial aggregate principal amount of 1.625% Notes due 2022, maturing on January 15, 2022, with interest

payable semiannually on each January 15 and July 15, beginning January 15, 2017, to holders of record on the preceding
January 1 and July 1;

·
$1,400,000,000 initial aggregate principal amount of 2.350% Notes due 2027, maturing on January 15, 2027, with interest

payable semiannually on each January 15 and July 15, beginning January 15, 2017, to holders of record on the preceding
January 1 and July 1;

·
$1,000,000,000 initial aggregate principal amount of 3.200% Notes due 2036, maturing on July 15, 2036, with interest payable

semiannually on each January 15 and July 15, beginning January 15, 2017, to holders of record on the preceding January 1 and
July 1;

·
$1,400,000,000 initial aggregate principal amount of 3.400% Notes due 2046, maturing on July 15, 2046, with interest payable

semiannually on each January 15 and July 15, beginning January 15, 2017, to holders of record on the preceding January 1 and
July 1; and

· are issuable in fully registered form, in denominations of $2,000 and in multiples of $1,000 in excess thereof.
Interest Payments
Interest on the notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on the notes will accrue
from (i) the earlier of July 19, 2016 and the date of original issuance or (ii) from the most recent interest payment date to which interest has been
paid, and will be payable semiannually on interest payment dates described for each year.

S-7
Table of Contents
If any interest payment date, maturity date or redemption date falls on a day that is not a business day, the payment will be made on the next
business day with the same force and effect as if made on the relevant interest payment date, maturity date or redemption date, and no interest will
accrue in respect of the delay.
For more information on payment and transfer procedures for the notes, see "--Book-Entry System" below.
Guarantees
Our obligations, including the payment of principal, premium, if any, and interest, will be fully and unconditionally guaranteed by each of the
guarantors as described in the accompanying prospectus.
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Form 424B2
The guarantees will not contain any restrictions on the ability of any guarantor to (i) pay dividends or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of that guarantor's capital stock or (ii) make any payment of principal, interest or
premium, if any, on or repay, repurchase or redeem any debt securities of that guarantor.
Optional Redemption
We will have the right at our option to redeem any of the notes of each series in whole or in part, at any time or from time to time prior to
their maturity, on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of each holder of notes, at the applicable
Redemption Price.
"Redemption Price" means:
(a) with respect to the Notes due 2022, at any time prior to December 15, 2021 (one month prior to the maturity of the Notes due 2022) (the
"2022 Par Call Date"), the greater of (i) 100% of the principal amount of such notes and (ii) the sum of the present values of the principal amount
of such notes and the scheduled payments of interest thereon (exclusive of interest accrued to the date of redemption) from the redemption date to
the 2022 Par Call Date, in each case discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-
day months) at the Treasury Rate plus 10 basis points; provided that, if the Notes due 2022 are redeemed on or after the 2022 Par Call Date, the
Redemption Price will equal 100% of the principal amount of such notes;
(b) with respect to the Notes due 2027, at any time prior to October 15, 2026 (three months prior to the maturity of the Notes due 2027) (the
"2027 Par Call Date"), the greater of (i) 100% of the principal amount of such notes and (ii) the sum of the present values of the principal amount
of such notes and the scheduled payments of interest thereon (exclusive of interest accrued to the date of redemption) from the redemption date to
the 2027 Par Call Date, in each case discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-
day months) at the Treasury Rate plus 15 basis points; provided that, if the Notes due 2027 are redeemed on or after the 2027 Par Call Date, the
Redemption Price will equal 100% of the principal amount of such notes;
(c) with respect to the Notes due 2036, at any time prior to January 15, 2036 (six months prior to the maturity of the Notes due 2036) (the
"2036 Par Call Date"), the greater of (i) 100% of the principal amount of such notes and (ii) the sum of the present values of the principal amount
of such notes and the scheduled payments of interest thereon (exclusive of interest accrued to the date of redemption) from the redemption date to
the 2036 Par Call Date, in each case discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-
day months) at the Treasury Rate plus 15 basis points; provided that, if the Notes due 2036 are redeemed on or after the 2036 Par Call Date, the
Redemption Price will equal 100% of the principal amount of such notes; and
(d) with respect to the Notes due 2046, at any time prior to January 15, 2046 (six months prior to the maturity of the Notes due 2046) (the
"2046 Par Call Date"), the greater of (i) 100% of the principal amount of such notes and (ii) the sum of the present values of the principal amount
of such notes and the scheduled payments of interest thereon (exclusive of interest accrued to the date of redemption) from the redemption date to
the 2046 Par Call Date, in each case discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-
day months) at the Treasury Rate plus 20 basis points; provided that, if the Notes due 2046 are redeemed on or after the 2046 Par Call Date, the
Redemption Price will equal 100% of the principal amount of such notes;

S-8
Table of Contents
plus, in each case, accrued and unpaid interest thereon to the date of redemption.
"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
"Comparable Treasury Issue" means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed calculated as if the maturity date of such
series of notes were the applicable Par Call Date (the "Remaining Life") that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of such notes.
"Independent Investment Banker" means one of the Reference Treasury Dealers appointed by us. "Comparable Treasury Price" means, with
respect to any redemption date, (i) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest such Reference Treasury Dealer Quotation or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.
"Reference Treasury Dealer" means each of Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc. or
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Form 424B2
their affiliates which are primary United States government securities dealers, and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary United States government securities dealer in the United States (a "Primary Treasury Dealer"), we will
substitute therefor another Primary Treasury Dealer.
"Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as
determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 pm New
York time on the third business day preceding such redemption date.
On and after the redemption date, interest will cease to accrue on the notes or any portion of the notes called for redemption (unless we
default in the payment of the Redemption Price and accrued interest). On or before the redemption date, we will deposit with the trustee money
sufficient to pay the Redemption Price of and (unless the redemption date shall be an interest payment date) accrued and unpaid interest to the
redemption date on the notes to be redeemed on such date. If less than all of the notes of any series are to be redeemed, the notes to be redeemed
shall be selected by the trustee by such method as the trustee shall deem fair and appropriate (provided that interests in notes represented by a
Global Note will be selected for redemption by The Depository Trust Company in accordance with its standard procedures therefor). Additionally,
we may at any time repurchase notes in the open market and may hold or surrender such notes to the trustee for cancellation.
No Mandatory Redemption or Sinking Fund
There will be no mandatory redemption prior to maturity or sinking fund payments for the notes.
Additional Debt
The indenture does not limit the amount of debt we may issue under the indenture or otherwise.
Book-Entry System
We will initially issue the notes in the form of one or more global notes (the "Global Notes"). The Global Notes will be deposited with, or on
behalf of, The Depository Trust Company ("DTC") and registered in the name of DTC or its nominee. Except as set forth below, the Global Notes
may be transferred, in whole and not in part, only to DTC or another nominee of DTC. A holder may hold beneficial interests in the Global Notes
directly through DTC if such holder has an account with DTC or indirectly through organizations which have accounts with DTC, including
Euroclear and Clearstream.

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Holders may hold interests in the notes outside the United States through Euroclear or Clearstream if they are participants in those systems,
or indirectly through organizations which are participants in those systems. Euroclear and Clearstream will hold interests on behalf of their
participants through customers' securities accounts in Euroclear's and Clearstream's names on the books of their respective depositaries which in
turn will hold such positions in customers' securities accounts in the names of the nominees of the depositaries on the books of DTC. All securities
in Euroclear or Clearstream are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts.
DTC
DTC has advised us as follows: DTC is a limited purpose trust company organized under the laws of the State of New York, a member of the
Federal Reserve System, a clearing corporation within the meaning of the New York Uniform Commercial Code and a clearing agency registered
pursuant to the provisions of Section 17A of the Exchange Act. DTC was created to hold securities of institutions that have accounts with DTC
("participants") and to facilitate the clearance and settlement of securities transactions among its participants in such securities through electronic
book-entry changes in accounts of the participants, thereby eliminating the need for physical movement of securities certificates. DTC's
participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. Access to DTC's
book-entry system is also available to others such as banks, brokers, dealers and trust companies (collectively, the "indirect participants") that clear
through or maintain a custodial relationship with a participant, whether directly or indirectly.
We expect that pursuant to procedures established by DTC, upon the deposit of the Global Notes with DTC, DTC will credit on its book-
entry registration and transfer system the principal amount of notes represented by such Global Notes to the accounts of participants. Ownership of
beneficial interests in the Global Notes will be limited to participants or persons that may hold interests through participants. Ownership of
beneficial interests in the Global Notes will be shown on and the transfer of those ownership interests will be effected only through, records
maintained by DTC (with respect to participants' interests), the participants and the indirect participants (with respect to the owners of beneficial
interests in the Global Note other than participants). All interests in a Global Note deposited with DTC are subject to the procedures and
requirements of DTC.
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Form 424B2
The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form.
Such limits and laws may impair the ability to transfer or pledge beneficial interests in the Global Notes.
So long as DTC (or its nominee) is the registered holder and owner of a Global Note, DTC (or such nominee) will be considered the sole
legal owner and holder of the notes evidenced by such Global Note for all purposes of such notes and the indenture. Except as set forth below
under "--Certificated Notes," as an owner of a beneficial interest in a Global Note, you will not be entitled to have the notes represented by such
Global Note registered in your name, will not receive or be entitled to receive physical delivery of certificated notes and will not be considered to
be the owner or holder of any notes under such Global Note. We understand that under existing industry practice, in the event an owner of a
beneficial interest in a Global Note desires to take any action that DTC, as the holder of such Global Note, is entitled to take, DTC would authorize
the participants to take such action, and the participants would authorize beneficial owners owning through such participants to take such action or
would otherwise act upon the instructions of beneficial owners owning through them.
We will make payments of principal of, premium, if any, and interest on the notes represented by the Global Notes registered in the name of
and held by DTC or its nominee to DTC or its nominee, as the case may be, as the registered owner and holder of the Global Notes.
We expect that DTC (or its nominee), upon receipt of any payment of principal of, premium, if any, or interest on the Global Notes will
credit the accounts of their relevant participants or account holders, as applicable, with payments in amounts proportionate to their respective
beneficial interests in the principal amount of the applicable Global Note as shown on the records of DTC (or its nominee). We also expect that

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payments by participants or indirect participants or account holders, as applicable, to owners of beneficial interests in the Global Notes held
through such participants or indirect participants or account holders will be governed by standing instructions and customary practices and will be
the responsibility of such participants or indirect participants or account holders, as applicable. We will not have any responsibility or liability for
any aspect of the records relating to, or payments made on account of, beneficial ownership interests in the Global Notes for any notes or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between
DTC and its participants or indirect participants, or the relationship between such participants or indirect participants, and the owners of beneficial
interests in the Global Notes owning through such participants.
All amounts payable under the notes will be payable in U.S. dollars, except as may otherwise be agreed between any applicable securities
clearing system and any holders. Payments will be subject in all cases to any fiscal or other laws and regulations (including any regulations of any
applicable securities clearing system) applicable thereto. None of the trustee, us, the guarantors or any of our or their respective agents shall be
liable to any holder of a Global Note or other person for any commissions, costs, losses or expenses in relation to or resulting from any currency
conversion or rounding effected in connection therewith. Investors may be subject to foreign exchange risks that may have important economic
and tax consequences to them.
Certificated Notes
Subject to certain conditions, the notes represented by the Global Notes are exchangeable for certificated notes in definitive form of like tenor
in minimum denominations of $2,000 principal amount and multiples of $1,000 in excess thereof if:

(1)
DTC provides notification that it is unwilling or unable to continue as depositary for the Global Notes or DTC ceases to be a clearing

agency registered under the Exchange Act and, in either case, a successor is not appointed within 90 days;

(2)
we in our discretion at any time determine not to have all the notes represented by the Global Notes; or

(3)
a default entitling the holders of the applicable notes to accelerate the maturity thereof has occurred and is continuing.
Any note that is exchangeable as above is exchangeable for certificated notes issuable in authorized denominations and registered in such
names as DTC shall direct. Subject to the foregoing, a Global Note is not exchangeable, except for a Global Note of the same aggregate
denomination to be registered in the name of DTC (or its nominee).
Same-Day Payment
The indenture requires payments to be made in respect of the applicable notes represented by the Global Notes (including principal, premium
and interest) by wire transfer of immediately available funds to the accounts specified by the holder thereof or, if no such account is specified, by
mailing a check to such holder's registered address.
Payments (including principal, premium and interest) and transfers with respect to notes in certificated form may be executed at the office or
agency maintained for such purpose within the City and State of New York (initially the office of the paying agent maintained for such purpose) or,
at our option, by check mailed to the holders thereof at the respective addresses set forth in the register of holders of the applicable notes, provided
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Document Outline

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