Obligation MacDonald's 0.625% ( XS1725630740 ) en EUR

Société émettrice MacDonald's
Prix sur le marché 100 %  ▲ 
Pays  Etas-Unis
Code ISIN  XS1725630740 ( en EUR )
Coupon 0.625% par an ( paiement annuel )
Echéance 29/01/2024 - Obligation échue



Prospectus brochure de l'obligation McDonalds XS1725630740 en EUR 0.625%, échue


Montant Minimal 100 000 EUR
Montant de l'émission 700 000 000 EUR
Description détaillée McDonald's est une chaîne de restauration rapide multinationale américaine qui sert des hamburgers, des frites, des boissons gazeuses et d'autres articles de restauration rapide dans le monde entier.

L'Obligation émise par MacDonald's ( Etas-Unis ) , en EUR, avec le code ISIN XS1725630740, paye un coupon de 0.625% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 29/01/2024









OFFERING CIRCULAR
McDonald's Corporation
(Incorporated in the State of Delaware, United States of America)
as Issuer
U.S.$20,000,000,000
PROGRAM FOR THE ISSUANCE OF GLOBAL MEDIUM-TERM NOTES
__________________________
Application has been made by McDonald's Corporation (the "Issuer") to the Luxembourg Stock Exchange (the "Luxembourg Stock Exchange")
in its capacity as market operator of the Euro MTF Market of the Luxembourg Stock Exchange (the "Euro MTF Market") under Part IV of the Luxembourg
Act dated July 16, 2019 on prospectuses for securities (the "Luxembourg Act"), to have debt securities (the "Notes") issued under the Program for the
Issuance o f Global Medium-Term Notes (th e "Prog ram") described in this Offering Circular admitted to trading on the Euro MTF Market and listed on the
official list of the Luxembourg Stock Exchange (the "Official List") for a period of 12 months from the date of this Offering Circular. This Offering Circular
may be used only for the purposes for which it has been published.
The Euro MTF Market is not a regulated market pursuant to the provisions of Directive 2014/65/EU, as amended ("MiFID II") but is subject to the
supervision of the financial sector and exchange regulator, the Commission de Surveillance du Secteur Financier.
Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and certain other information,
including any other terms and conditions not contained herein, which is applicable to each Tranche (as defined under "Terms and Conditions of the Notes") of
Notes will be set forth in a pricing supplement (the "Pricing Supplement") which, with respect to Notes to be admitted to trading on the Euro MTF Market,
will be delivered to the Luxembourg Stock Exchange on or before the date of issue of the Notes of such Tranche and published in accordance with the rules and
regulations of the Luxembourg Stock Exchange, as amended from time to time.
This Offering Circular and any supplement thereto will be available on the website of the Luxembourg Stock Exchange (www.bourse.lu).
References in this Offering Circular to Notes being "listed" (and all related references ) shall mean that such Notes are intended to be admitted to listing on the
Official List and admitted to trading on the Euro MTF Market. Notes issued under the Program may be listed on such other or further stock exchange(s) as may
be agreed between the Issuer and the relevant Dealer(s). In addition, unlisted Notes may be issued pursuant to the Program. The relevant Pricing Supplement in
respect of the issue of any Notes will specify whether Notes will be listed on the Luxembourg Stock Exchange and/or on any other stock exchange.
Notes issued from time to time under the Program have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act"). Notes may not be offered, sold or delivered within the United States of America (the "United States" or the "U.S.") or to, or for the account
or benefit of, U.S. persons (as such terms are defined in Regulation S under the Securities Act), unless the Notes are registered under the Securities Act or an
exemption therefrom is available. The Issuer is authorized to issue up to U.S.$20,000,000,000 (or such other amount as may be subsequently authorized, from
time to time), or the equivalent thereof in foreign currencies, under the Program.
An investment in Notes issued under the Program involves certain risks. For a discussion of these risks, see the "Risk Factors" section contained in
this Offering Circular.
__________________________

Arra nger for the Program
MORGAN STANLEY
Dealers
ANZ
BARCLAYS
BMO CAPITAL MARKETS
BNP PARIBAS
BOFA SECURITIES
CITIGROUP
COMMERZBANK
CRÉDIT AGRICOLE CIB
CREDIT SUISSE
GOLDMAN SACHS INTERNATIONAL
HSBC
ING
J.P. MORGAN
MIZUHO SECURITIES
MORGAN STANLEY
MUFG
RABOBANK
RBC CAPITAL MARKETS
SMBC NIKKO
SOCIÉTÉ GÉNÉRALE
CORPORATE & INVESTMENT BANKING
STANDARD CHARTERED BANK
TD SECURITIES
UNICREDIT
WELLS FARGO SECURITIES
WESTPAC BANKING CORPORATION

9 September, 2021

ACTIVE 271092691v.11





The Issuer accepts responsibility for the information conta ined in this Offering Circula r and in a ny Pricing
Supplement. To the best of the knowledge and belief of the Issuer (having taken a ll rea sonable ca re to ensure that such is the
ca se), the information conta ined in this Offering Circula r is in accordance with the facts and does not omit anything likely to
a ffect the import of such information.
The Issuer may a gree with any Dea ler that Notes may be issued in a form not contemplated by the Form of Pricing
Supplement conta ined herein, in which event, a supplement to this Offering Circula r, further offering circula r or other
documentation, if appropriate, will be made ava ilable that will describe the effect of the agreement reached in relation to such
Notes.
This Offering Circula r should be read and construed with any supplement hereto and with any other documents
incorporated by reference and, in relation to any Series (as defined herein) of Notes, should be read and construed together
with the releva nt Pricing Supplement.
No person has been authorized by the Issuer to give any information or to make any representation that is not
conta ined in, or is otherwise inconsistent with, this Offering Circula r or any other document entered into in rela tion to the
Program or any information supplied by the Issuer or such other information a s is in the public doma in and, if given or made,
such information or representation should not be relied upon a s having been authorized by the Issuer or a ny Dea ler. Neither the
Issuer nor a ny Dealer takes a ny responsibility for a ny other information that may be provided by a ny other person.
Neither this Offering Circular nor any related supplement is a prospectus for the purposes of Regulation (EU)
2017/1129 (the "Prospectus Regulation"). This Offering Circula r and any related supplement have been prepared on the basis
that any offer of Notes in any Member State of the European Economic Area (the "EEA") will only be made to a lega l entity
which is a qua lified investor under the Prospectus Regulation ("EEA Qualified Investors"). Accordingly any person making or
intending to make an offer in that Member State of Notes which a re the subject of the offering contemplated in this Offering
Circula r, a s completed by the Pricing Supplement in relation to the offer of those Notes, may only do so with respect to EEA
Qua lified Investors. Neither the Issuer nor the Dealers have authorized, nor do they authorize, the making of any offer of Notes
other than to EEA Qua lified Investors. This Offering Circula r constitutes a prospectus for the purposes of Pa rt IV of the
Luxembourg Act.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS ­ The Notes a re not intended to be offered, sold or
otherwise made ava ilable to and should not be offered, sold or otherwise made ava ilable to any reta il investor in the EEA. For
these purposes, a reta il investor means a person who is one (or more) of: (i) a reta il client as defined in point (11) of Article
4(1) of MiFID II; (ii) a customer within the meaning of Directive (EU) 2016/97, a s amended (the "Insurance Distribution
Directive"), where that customer would not qua lify a s a professiona l client a s defined in point (10) of Article 4(1) of MiFID
II; or (iii) not a qua lified investor a s defined in the Prospectus Regula tion. Consequently no key information document
required by Regulation (EU) No. 1286/2014, a s amended (the "PRIIPs Regulation") for offering or selling the Notes or
otherwise making them ava ilable to reta il investors in the EEA has been prepa red and therefore offering or selling the Notes
or otherwise making them a vaila ble to a ny retail investor in the EEA may be unlawful under the PRIIPs Regulation.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET ­ The Pricing Supplement in respect of any
Notes may include a legend entitled "MiFID II Product Governance" which will outline the ta rget market a ssessment made
by the relevant manufacturer(s) in respect of the Notes and which channels for distribution of the Notes a re appropria te. Any
person subsequently offering, selling or recommending the Notes (a n "EU distributor") should take into consideration the
ta rget market a ssessment; however, a n EU distributor subject to MiFID II is responsible for undertaking its own ta rget market
assessment in respect of the Notes (by either adopting or refining the target market a ssessment) and determining appropriate
distribution channels. A determination will be made in relation to each issue about whether, for the purpose of the MiFID
Product Governance rules under EU Delegated Directive 2017/593, a s amended (the "MiFID Product Governance Rules"),
any Dea ler subscribing for a ny Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the
Dea lers nor any of their respective affilia tes will be a manufacturer for the purpose of the MiFID Product Governance Rules.
The Issuer makes no representation or wa rranty as to any manufacturer's or EU distributor's compliance with the MiFID
Product Governance Rules.
Neither this Offering Circula r nor any related supplement is a prospectus for the purposes of Regulation (EU)
2017/1129 a s it forms pa rt of domestic la w in the United Kingdom by virtue of the European Union (Withdrawa l) Act 2018,
as amended by the European Union (Withdrawa l Agreement) Act 2020 (the "EUWA") (the "UK Prospectus Regulation").
This Offering Circula r and any related supplement have been prepa red on the ba sis that any offer of Notes in the United
Kingdom will only be made to a lega l entity which is a qua lified investor under the UK Prospectus Regulation ("UK
Qualified Investors"). Accordingly any person making or intending to make an offer in the United Kingdom of Notes which
a re the subject of the offering contemplated in this Offering Circula r, as completed by the Pricing Supplement in rela tion to
2

ACTIVE 271092691v.11





the offer of those Notes, may only do so with respect to UK Qua lified Investors. Neither the Issuer nor the Dea lers have
a uthorized, nor do they a uthorize, the making of a ny offer of Notes other than to UK Qua lified Investors.
PROHIBITION OF SALES TO UNITED KINGDOM RETAIL INVESTORS ­ The Notes a re not intended to
be offered, sold or otherwise made ava ilable to and should not be offered, sold or otherwise made ava ilable to any reta il
investor in the United Kingdom. For these purposes, a reta il investor means a person who is one (or more) of: (i) a reta il client
as defined in point (8) of Article 2 of Regula tion (EU) No 2017/565 as it forms pa rt of domestic la w in the United Kingdom
by virtue of the EUWA; (ii) a customer within the meaning of the provisions of the United Kingdom's Financia l Services and
Ma rkets Act 2000, a s amended (the "FSMA") a nd any rules or regula tions made under the FSMA to implement the Insurance
Distribution Directive, where that customer would not qua lify a s a professiona l client a s defined in point (8) of Article 2(1) of
Regula tion (EU) No 600/2014 as it forms pa rt of domestic la w in the United Kingdom by virtue of the EUWA; or (iii) not a
qua lified investor as defined in the UK Prospectus Regulation. Consequently no key information document required by
Regula tion (EU) No 1286/2014 a s it forms pa rt of domestic la w in the United Kingdom by virtue of the EUWA (the "UK
PRIIPs Regulation") for offering or selling the Notes or otherwise making them ava ilable to reta il investors in the United
Kingdom has been prepared and therefore offering or selling the Notes or otherwise making them ava ilable to a ny reta il
investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.
UK MIFIR PRODUCT GOVERNANCE / TARGET MARKET ­ The Pricing Supplement in respect of any
Notes may include a legend entitled "UK MiFIR Product Governance" which will outline the ta rget market a ssessment made
by the relevant manufacturer(s) in respect of the Notes and which channels for distribution of the Notes a re appropria te. Any
person subsequently offering, selling or recommending the Notes (a "UK distributor") should take into consideration the
ta rget market a ssessment; however, a UK distributor subject to the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "UK MiFIR Product Governance Rules") is responsible for undertaking its own target
market assessment in respect of the Notes (by either adopting or refining the ta rget market assessment) a nd determining
appropriate distribution channels. A determination will be made in rela tion to each issue a bout whether, for the purpose of the
UK MiFIR Product Governance Rules, any Dea ler subscribing for any Notes is a manufacturer in respect of such Notes, but
otherwise neither the Arranger nor the Dea lers nor any of their respective affilia tes will be a manufacturer for the purpose of
the UK MiFIR Product Governance Rules. The Issuer makes no representation or wa rranty a s to any manufacturer's or UK
distributor's compliance with the UK MiFIR Product Governance Rules.
The communication of this Offering Circula r, any rela ted supplement and any other document or materia ls rela ting
to the issue of the Notes offered hereby is not being made, and such documents and/or materia ls have not been approved, by
an authorized person for the purposes of section 21 of the FSMA. Accordingly, such documents and/or materia ls a re not
being distributed to, and must not be pa ssed on to, the genera l public in the United Kingdom. The communication of such
documents and/or materia ls a s a financia l promotion is only being made to those persons in the United Kingdom who have
professiona l experience in matters relating to investments and who fa ll within the definition of investment professiona ls (a s
defined in Article 19(5) of the Financia l Services and Ma rkets Act 2000 (Financia l Promotion) Order 2005, as amended (the
"Financial Promotion Order")), or who fa ll within Article 49(2)(a ) to (d) of the Financia l Promotion Order, or who are any
other persons to whom it may otherwise la wfully be made under the Financia l Promotion Order (a ll such persons together
being referred to as "relevant persons"). In the United Kingdom, the Notes offered hereby a re only ava ilable to, and any
investment or investment activity to which this Offering Circula r and any rela ted supplement rela te will be enga ged in only
with, relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this Offering
Circula r or a ny rela ted supplement or a ny of their contents.
The distribution of this Offering Circula r and a ny relevant Pricing Supplement, and the offering, sa le and delivery of
the Notes in certa in jurisdictions, including in the United States and the United Kingdom, may be restricted by la w. Persons
into whose possession this Offering Circula r or any relevant Pricing Supplement come a re required by the Issuer and the
Dea lers to inform themselves a bout and to observe a ny such restrictions. For a description of certa in restrictions on offers,
sa les a nd deliveries of Notes and on the distribution of this Offering Circula r or a ny relevant Pricing Supplement and other
offering materia l relating to the Notes, see the section "Subscription and Sa le" of this Offering Circula r. In pa rticula r, the
Notes have not been and will not be registered under the Securities Act. The Notes may not be offered, sold or delivered
within the United States or to, or for the account or benefit of, U.S. persons (as such terms a re defined in Regulation S under
the Securities Act), unless the Notes are registered under the Securities Act or an exemption therefrom is ava ilable. Neither
this Offering Circular nor any Pricing Supplement may be used for the purpose of an offer or solicitation by anyone
in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to
make such an offer or solicitation.
3

ACTIVE 271092691v.11





Series of Notes may be rated or unrated. Where a Series is rated, such ra ting will not necessa rily be the same as the
rating(s) assigned to the Issuer. The rating of certa in Series may be specified in the relevant Pricing Supplement. The relevant
Pricing Supplement will a lso include certa in information rega rding any such rating for the purposes of Regula tion (EC) No.
1060/2009 (a s amended, the "CRA Regulation") and Regulation (EC) No. 1060/2009 as it forms pa rt of domestic la w in the
United Kingdom by virtue of the EUWA a nd a s amended (the "UK CRA Regulation").
NOTIFICATION UNDER SECTION 309B(1)(C) OF THE SFA ­ With respect to each issuance of Notes, the
Issuer may make a determination about the classification of such Notes for the purposes of Section 309B(1)(a ) of the
Securities and Futures Act, Chapter 289 of Singapore, a s modified or amended from time to time (the "SFA"). The Pricing
Supplement in respect of any Notes may include a legend entitled "Notification under Section 309B(1)(c) of the Securities
and Futures Act (Chapter 289) of Singapore" that will state the product cla ssification of the applica ble Notes pursuant to
Section 309B(1) of the SFA; however, unless otherwise stated in the applicable Pricing Supplement and for the purposes of
Section 309B(1)(c) of the SFA, the Issuer notifies a ll relevant persons (as defined in Section 309A of the SFA), that the Notes
a re "prescribed capita l ma rkets products" (as defined in the Securities and Futures (Capita l Ma rkets Products) Regula tions
2018) and "Excluded Investment Products" (a s defined in MAS Notice SFA 04-N12: Notice on the Sa le of Investment
Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
Neither this Offering Circula r nor any Pricing Supplement constitutes an offer or an invitation to subscribe for or
purcha se any Notes and should not be considered a s a recommendation by the Issuer or any Dea ler that any recipient of this
Offering Circula r or any Pricing Supplement should subscribe for or purchase any Notes. Ea ch recipient of this Offering
Circula r or any Pricing Supplement sha ll be deemed to have made its own investiga tion and appra isa l of the condition
(fina ncial or otherwise) of the Issuer.
The Dea lers have not sepa rately verified the information conta ined in this Offering Circula r. No representation or
wa rranty is made or implied by the Dea lers or any of their respective affilia tes, and neither the Dea lers nor any of their
respective affiliates make a ny representation or wa rranty, or accept any responsibility, a s to the accuracy or completeness of
the information relating to the Issuer contained in this Offering Circular.
Neither the delivery of this Offering Circula r or any Pricing Supplement nor the offering, sa le or delivery of any
Note sha ll, in any circumstances, create any implica tion that the information conta ined in this Offering Circula r is true
subsequent to the date thereof or the date upon which this Offering Circula r has been most recently amended or supplemented
or that there has been no materia l adverse change in the financia l situation of the Issuer since the date thereof or, a s the case
may be, the date upon which this Offering Circula r has been most recently amended or supplemented or the ba lance sheet
date of the most recent financia l statements which a re deemed to be incorpora ted in this Offering Circula r by reference, or
that any other information supplied in connection with the Program is correct at any time subsequent to the date on which it is
supplied or, if different, the date indicated in the document containing the sa me.
All references in this Offering Circula r to "U.S. dollars," "U.S.$" or "$" are to the la wful currency of the United
States; a ll references to "pounds sterling" or "£" a re to the la wful currency of the United Kingdom; a ll references to "A$" a re
to the la wful currency of the Commonwea lth of Austra lia ; and a ll references to "euro" and "" are to the currency introduced
at the start of the third sta ge of European economic and moneta ry union pursuant to the Treaty on the Functioning of the
European Union, a s amended.
In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the Stabilizing
Manager(s) (or persons acting on behalf of any Stabilizing Manager(s)) in the relevant Pricing Supplement may
over-allot Notes or effect transactions (outside Australia and on a market operated outside Australia) with a view to
supporting the market price of the Notes at a level higher than that which might otherwise prevail. However,
stabilization may not necessarily occur. Any stabilization action may begin on or after the date on which adequate
public disclosure of the terms of the offer of the relevant Tranche is made and, if begun, may cease at any time, but it
must end no later than the earlier of 30 days after the issue date of the relevant Tranche and 60 days after the date of
the allotment of the relevant Tranche. Any stabilization action or over-allotment must be conducted by the relevant
Stabilizing Manager(s) (or persons acting on behalf of any Stabilizing Manager(s)) in accordance with all applicable
laws and rules.
An investor intending to acquire or acquiring any Notes from an offeror will do so, and offers and sa les of the Notes
to an investor by an offeror will be made, in accordance with any terms and other a rrangements in pla ce between such offeror
and such investor including a s to price, a llocations and settlement a rrangements. The Issuer will not be a pa rty to any such
a rrangements with investors (other than the Arranger and the Dea lers) in connection with the offer or sa le of the Notes and,
accordingly, this Offering Circula r and any Pricing Supplement will not conta in such information. The investor must look to
the offeror a t the time of such offer for the provision of such information. The Issuer has no responsibility to an investor in
respect of such information.
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TABLE OF CONTENTS
Page
RISK FACTORS .................................................................................................................................................................................. 6
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS ....................................................... 21
GENERAL DESCRIPTION OF THE PROGRAM ......................................................................................................................... 22
TERMS AND CONDITIONS OF THE NOTES.............................................................................................................................. 23
PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM................................................................................ 41
FORM OF PRICING SUPPLEMENT .............................................................................................................................................. 43
MCDONALD'S CORPORATION ................................................................................................................................................... 54
CREDIT RATINGS ........................................................................................................................................................................... 57
USE OF PROCEEDS......................................................................................................................................................................... 58
UNITED STATES TAXATION ....................................................................................................................................................... 59
PROPOSED FINANCIAL TRANSACTIONS TAX ....................................................................................................................... 61
SUBSCRIPTION AND SALE .......................................................................................................................................................... 62
EXPERTS ........................................................................................................................................................................................... 67
DOCUMENTS INCORPORATED BY REFERENCE ................................................................................................................... 68
GENERAL INFORMATION............................................................................................................................................................ 71


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RISK FACTORS
Set out below are factors the Issuer believes may be material for the purpose of assessing the risks associated with
the Notes. Prospective investors should read this Offering Circular, as supplemented, and the relevant Pricing Supplement in
their entirety and form their own conclusions regarding investing in any Notes, in addition to consulting their respective
financial and legal advisors about the risks entailed by an investment in any Notes and the suitability of any investment in
Notes in light of their respective particular circumstances. Prospective investors should also consider carefully, among other
factors, the matters described below.
The following risk factors have been separated into two groups: Risks Related to the Notes; and Risks Related to the
Issuer. The occurrence of the events described below under "--Risks Related to the Issuer" could have a material adverse
effect on the Issuer's businesses, prospects, financial condition, results of operations and/or cash flows. Furthermore, other
unknown or unpredictable economic, business, competitive, regulatory, geopolitical or other factors could also have material
adverse effects on the Issuer's future results.
Risks Related to the Notes
Notes denominated in currencies other than U.S. dollars are subject to exchange rate and exchange control risks.
An investment in a Note denominated in a specified currency other than the currency of the jurisdiction in which a
pa rticula r investor resides, does business or reports its operating results enta ils significant risks. These risks include the
possibility of significant changes in rates of exchange between the specified currency and the investor's currency resulting
from the officia l redenomination or reva luation of the specified currency and the possibility of the imposition or modification
of foreign exchange controls by either the investor's jurisdiction or foreign governments. These risks genera lly depend on
factors over which the Issuer ha s no control, such as economic and politica l events and the supply of and demand for the
releva nt currencies.
Moreover, if payments on Notes denominated in currencies other than U.S. dolla rs a re determined by reference to a
formula conta ining a multiplier or levera ge factor, the effect of any change in the exchange rates between the applicable
currencies will be magnified. In recent yea rs, rates of exchange between some currencies have been highly vola tile, and
investors in the Notes should be a wa re that volatility may occur in the future. Fluctuations in any particula r exchange rate that
have occurred in the pa st, however, a re not necessarily indicative of fluctuations in the rate that may occur during the term of
any Note. Deprecia tion of a specified currency for a Note a ga inst the investor's currency would result in a decrea se in the
effective yield of such Note (in terms of the investor's currency) below its coupon ra te and, in certa in circumstances, could
result in a loss to a pa rticular investor (in terms of that investor's currency).
Except a s set forth below, if payment in respect of a Note is required to be made in a currency other than U.S. dolla rs,
and such currency is unavaila ble to the Issuer due to the imposition of exchange controls or other circumstances beyond the
Issuer's control or is no longer used by the government of the relevant country (unless otherwise repla ced by the euro) or for
the settlement of transactions by public institutions of or within the internationa l banking community, then a ll payments in
respect of such Note will be made in U.S. dolla rs until such currency is a ga in availa ble to the Issuer or so used. The amounts
payable on any date in such currency will be converted into U.S. dolla rs on the basis of the most recently ava ila ble ma rket
exchange rate for such currency or as otherwise indicated in the relevant Pricing Supplement. Any payment in respect of such
Note so ma de in U.S. dolla rs will not constitute an event of default under the Terms a nd Conditions of the Notes.
The paying a gent will make a ll determinations referred to above at its sole discretion. All determinations will, in the
a bsence of clear error, be binding on holders of the Notes.
Early redemption may adversely affect the return on the Notes.
If the Notes a re redeemable at the Issuer's option, the Issuer may choose to redeem the Notes at times when
preva iling interest ra tes a re rela tively low. In addition, if the Notes a re subject to mandatory redemption, the Issuer may be
required to redeem the Notes at times when preva iling interest rates a re relatively low. As a result, a holder of the Notes
genera lly will not be able to reinvest the redemption proceeds in a compa rable security at an effective interest rate as high as
the Notes being redeemed. An optiona l redemption feature is likely to limit the ma rket va lue of the Notes as the ma rket va lue
of such Notes genera lly will not rise substantially above the price at which they can be redeemed. The Issuer may be expected
to redeem the Notes when its cost of borrowing is lower than the interest rate on the Notes. At those times, a n investor may not
be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Notes being
redeemed. Potential investors should consider reinvestment risk in light of other investments a vailable a t that time.
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The discontinuance of the London Interbank Offered Rate ("LIBOR") may adversely affect the return on certain Notes
and the price at which investors can sell Notes in the secondary market, if one exists.
LIBOR is being discontinued a s a floating ra te benchmark. On 5 Ma rch, 2021, ICE Benchmark Administration
Limited ("IBA"), the administrator of LIBOR, published a statement confirming its intention to cease publica tion of a ll
LIBOR settings, together with the dates on which this will occur, subject to the United Kingdom's Financia l Conduct
Authority (the "FCA") exercising its powers to require IBA to continue publishing such LIBOR settings (the "IBA
Announcement"). Concurrently, the FCA published a statement on the future cessation and loss of representativeness of a ll
LIBOR currencies and tenors, following the dates on which IBA has indicated it will cea se publication (the "FCA
Announcement"). Permanent cessation will occur immediately after 31 December, 2021 for a ll euro and Swiss francs
LIBOR tenors and certa in sterling, Japanese yen and U.S. dolla r LIBOR settings and immedia tely after 30 June, 2023 for
certa in other U.S. dollar LIBOR settings. In rela tion to the rema ining LIBOR settings (1-month, 3-month and 6-month
sterling, U.S. dolla r and Japanese yen LIBOR settings), the FCA is consulting on or, in the case of U.S. dolla r settings,
considering the case for using its powers to require IBA to continue publication under a changed methodology for a further
period after 31 December, 2021 (30 June, 2023 in the case of U.S. dolla r LIBOR). The FCA Announcement states that
consequently, any continuing LIBOR settings will no longer be representative of the underlying ma rket that such settings are
intended to mea sure immedia tely after 31 December, 2021, in the case of the sterling and Japanese yen LIBOR settings, and
immediately after 30 June, 2023, in the ca se of the U.S. dolla r LIBOR settings. Any continued publica tion of the Ja panese yen
LIBOR settings will a lso cease permanently at the end of 2022.
Financia l ma rkets, particula rly the trading market for LIBOR-ba sed obliga tions, may be adversely affected by the
discontinuation of LIBOR and the rema ining uncerta inties rela ted thereto, the a lternative reference rates that will be used
when LIBOR is discontinued and other reforms related to LIBOR. There is no a ssurance that any alternative reference rate
will be the economic equivalent of a ny LIBOR setting it repla ces.
The Secured Overnight Financing Rate ("SOFR") (including a compounded SOFR ("Compounded SOFR")) is a
relatively new reference rate and its composition and characteristics are not the same as LIBOR.
Notes issued under the Program may have an interest rate based on SOFR or Compounded SOFR, a s specified in the
applicable Pricing Supplement. On 22 June, 2017, the Alternative Reference Rates Committee (the "ARRC") convened by
the Boa rd of Governors of the Federa l Reserve System and the Federa l Reserve Bank of New York identified SOFR a s the
rate that, in the consensus view of the ARRC, represented best practice for use in certa in new U.S. dolla r derivatives and other
financia l contra cts. SOFR is a broad mea sure of the cost of borrowing cash overnight colla tera lized by U.S. Treasury
securities, and ha s been published by the Federa l Reserve Bank of New York since April 2018. The Federa l Reserve Bank of
New York has a lso begun publishing historica l indicative Secured Overnight Financing Rates from 2014. Investors should
not rely on a ny historical changes or trends in SOFR a s a n indicator of future changes in SOFR.
The composition and cha racteristics of SOFR a re not the same as those of LIBOR, and SOFR is fundamenta lly
different from LIBOR for two key reasons. First, SOFR is a secured rate, while LIBOR is an unsecured rate. Second, SOFR is
an overnight rate, while LIBOR is a forwa rd-looking ra te that represents interbank funding over different maturities (e.g.,
three months). As a result, there can be no assurance that SOFR (including Compounded SOFR) will perform in the same way
as LIBOR would have a t any time, including, without limitation, a s a result of changes in interest and yield rates in the ma rket,
market volatility or globa l or regiona l economic, financia l, politica l, regulatory, judicia l or other events. Changes in the levels
of SOFR will affect the interest rate basis and, therefore, the return on any Notes linked to SOFR (including Compounded
SOFR) and the trading price of such Notes, but it is impossible to predict whether such levels will rise or fa ll. There can be no
a ssurance that the interest ra te basis or SOFR will be positive.
SOFR may be more volatile than other benchmark or market rates.
Since the initia l publication of SOFR, da ily changes in SOFR have, on occasion, been more vola tile than da ily
changes in other benchma rk or ma rket rates, such as U.S. dolla r LIBOR. Although changes in Compounded SOFR genera lly
a re not expected to be a s vola tile a s changes in da ily levels of SOFR, the return on and va lue of any floating ra te Notes for
which the interest ra te is ba sed on SOFR may fluctuate more than floating rate debt securities that a re linked to less vola tile
rates. In addition, the volatility of SOFR has reflected the underlying volatility of the overnight U.S. Trea sury repo ma rket.
The Federa l Reserve Bank of New York ha s at times conducted operations in the overnight U.S. Trea sury repo market in
order to help mainta in the federa l funds rate within a ta rget range. There can be no assurance that the Federa l Reserve Bank of
New York will continue to conduct such operations in the future, and the dura tion and extent of a ny such operations is
inherently uncerta in. The effect of any such operations, or of the cessation of such operations to the extent they a re
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commenced, is uncerta in and could be materia lly adverse to investors in any floating rate Notes for which the interest rate is
ba sed on SOFR.
Any failure of SOFR to gain market acceptance could adversely affect floating rate Notes for which the interest rate is
based on SOFR.
According to the ARRC, SOFR wa s developed for use in certa in U.S. dolla r derivatives and other financia l contra cts
as an a lternative to U.S. dolla r LIBOR in part because it is considered a good representation of genera l funding conditions in
the overnight U.S. Treasury repurchase a greement ma rket. However, a s a rate ba sed on transactions secured by U.S. Treasury
securities, it does not measure bank-specific credit risk a nd, a s a result, is less likely to correla te with the unsecured short-term
funding costs of banks. This may mean that ma rket pa rticipants would not consider SOFR (including Compounded SOFR) a
suitable repla cement or successor for a ll of the purposes for which U.S. dolla r LIBOR historica lly has been used (including,
without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen ma rket
acceptance of SOFR. Any fa ilure of SOFR to ga in market acceptance could adversely affect the return on and va lue of any
floating ra te Notes for which the interest rate is ba sed on SOFR and the price a t which investors can sell such floating rate
Notes in the secondary market.
In addition, if SOFR does not prove to be widely used a s a benchmark in securities that a re simila r or compa rable to
any SOFR-based floating ra te Notes the Issuer issues, the trading price of any SOFR-based floating ra te Notes that the Issuer
issues may be lower than those of securities that are linked to rates that a re more widely used. Simila rly, ma rket terms for
floating ra te debt securities linked to SOFR, such a s the spread over the base rate reflected in interest rate provisions or the
manner of compounding the base rate, may evolve over time, and trading prices of any SOFR-based floating rate Notes the
Issuer issues may be lower than those of la ter-issued SOFR-based debt securities a s a result.
The Issuer may issue floating rate Notes for which the interest rate is based on a Compounded SOFR and a SOFR index,
both of which are relatively new in the marketplace.
The Issuer may issue floating rate Notes for which the interest rate is ba sed on Compounded SOFR, which is
ca lcula ted using a SOFR index published by the Federa l Reserve Bank of New York according to a specific formula , not the
SOFR published on or in respect of a pa rticula r date during the applica ble interest period or an a rithmetic average of the
SOFRs during such period. For this and other rea sons, the interest ra te on any such floating ra te Notes during any applicable
interest period will not necessa rily be the same as the interest rate on other SOFR-linked investments that use an a lternative
ba sis to determine the applicable interest rate. Further, if the SOFR in respect of a pa rticula r date during a n interest period is
negative, its contribution to the SOFR index will be less than one, resulting in a reduction to Compounded SOFR used to
ca lculate the interest payable on such floating ra te Notes on the applicable interest payment date for such interest period.
Very limited ma rket precedent exists for securities that use SOFR as the interest rate and the method for ca lculating
an interest rate based upon SOFR in those precedents va ries. In addition, the Federa l Reserve Bank of New York only began
publishing the SOFR index on 2 Ma rch, 2020. Accordingly, the use of the SOFR index or a specific formula for the
Compounded SOFR may not be widely adopted by other market participants, if at a ll. If the ma rket adopts a different
ca lcula tion method, that would likely adversely affect the liquidity and ma rket va lue of any floating rate Notes the Issuer
issues for which the interest rate is ba sed on Compounded SOFR a nd the SOFR index.
Compounded SOFR with respect to a particular interest period will only be capable of being determined near the end of
the relevant interest period.
If the Issuer issues floating rate Notes for which the interest rate is ba sed on Compounded SOFR, the level of
Compounded SOFR applicable to a pa rticula r interest period and, therefore, the amount of interest payable with respect to
such interest period, will be determined on the applicable interest determination date for such interest period. Because each
such date is near the end of such interest period, holders of such Notes will not know the amount of interest payable with
respect to a pa rticula r interest period until shortly prior to the related interest payment date, and it may be difficult for holders
of such Notes to reliably estimate the amount of interest that will be payable on each such interest payment date. In addition,
some investors may be unwilling or unable to trade any such floating rate Notes that the Issuer issues without changes to their
information technology systems, both of which could adversely impact the liquidity and trading price of any floating rate
Notes tha t the Issuer issues for which the interest ra te is ba sed on Compounded SOFR.
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The SOFR index may be modified or discontinued, which may adversely affect the return on SOFR-based Notes and the
price at which holders of such Notes can sell such SOFR-based Notes in the secondary market, if one exists.
The SOFR index is published by the Federa l Reserve Bank of New York based on data received by it from sources
other than the Issuer, and the Issuer ha s no control over its methods of ca lcula tion, publication schedule, rate revision
pra ctices or ava ilability of the SOFR index at any time. There can be no gua rantee, pa rticula rly given its rela tively recent
introduction, that the SOFR index will not be discontinued or fundamenta lly a ltered in a manner that is materia lly adverse to
the interests of investors in any SOFR-ba sed floating rate Notes that the Issuer issues. If the manner in which the SOFR index
is ca lculated, including the manner in which SOFR is calculated, is changed, that change may result in a reduction in the
amount of interest payable on any SOFR-based floating rate Notes that the Issuer has issued and the trading prices of such
floating rate Notes. In addition, the Federa l Reserve Bank of New York may withdra w, modify or amend the published SOFR
index or SOFR data in its sole discretion and without notice. Unless the terms of a particula r issue of floating rate Notes
specify otherwise, the interest rate for a ny interest period with respect to SOFR-ba sed floating ra te Notes that the Issuer issues
will not be adjusted for any modifications or amendments to the SOFR index or SOFR data that the Federa l Reserve Bank of
New York ma y publish a fter the interest ra te for that interest period has been determined.
Developments regarding the regulation of benchmarks may adversely affect the value of Notes linked to or referencing
such benchmarks.
Interest rates and indices (including LIBOR a nd the Euro Interbank Offered Rate ("EURIBOR")) which a re deemed
to be benchma rks (such a s a Reference Rate (a s defined below)) have been, a nd may continue to be, the subject of nationa l
a nd international reforms.
For example, in the European Union and the United Kingdom, certa in measures a re in effect with rega rd to the
provision of benchmarks, the contribution of input data to benchma rks and the use of benchma rks, pursuant to (in the
European Union) Regula tion (EU) 2016/1011 (a s amended, the "Benchmarks Regulation") and (in the United Kingdom)
Regula tion (EU) 2016/1011 as it forms pa rt of domestic la w in the United Kingdom by virtue of the EUWA (a s amended, the
"UK Benchmarks Regulation"). The Benchma rks Regula tion and the UK Benchma rks Regula tion could have a materia l
impa ct on any Notes linked to or referencing a relevant benchma rk, including if the methodology or other terms of such
benchmark are changed in order to comply with the requirements of either such Regulation.
More broadly, the Benchma rks Regula tion and the UK Benchma rks Regula tion, other nationa l or internationa l
reforms or the genera l increased regula tory scrutiny of benchma rks could increase the costs and risks of administering or
otherwise participating in the setting of benchma rks and complying with any such regula tions or requirements, discoura ge
market pa rticipants from continuing to administer or contribute to benchma rks, trigger changes in the rules or methodologies
used in benchmarks, have the effect of reducing, increasing or otherwise affecting the volatility of the published rate or level
of benchmarks, cause benchmarks to perform differently than in the past or lea d to the discontinuation of benchmarks.
Any of the above matters could, among other things, have a materia l adverse effect on the va lue of and return on any
Notes linked to, referencing or otherwise dependent (in whole or in pa rt) upon a n affected benchmark or have other
consequences which cannot be predicted.
Investors should consult their own independent advisers and make their own a ssessment about the potentia l risks
imposed by the Benchmarks Regulation, the UK Benchma rks Regula tion or any other nationa l or interna tiona l reforms in
ma king a ny investment decision with respect to a ny Notes referencing a benchmark.
Interest rate conversion, if applicable, may affect the market value of the Notes.
Certa in fixed/floating rate Notes may bear interest at a ra te that the Issuer may elect to convert from a fixed rate to a
floating ra te, or from a floa ting rate to a fixed ra te. The Issuer's ability to convert the interest ra te will affect the seconda ry
market and the market va lue of the Notes since the Issuer may be expected to convert the ra te when it is likely to produce a
lower overa ll cost of borrowing. If the Issuer converts from a fixed rate to a floa ting ra te, the spread on the fixed/floating rate
Notes may be less favorable than the then-preva iling spreads on compa rable floating ra te Notes tied to the same reference
rate. In addition, the new floating rate at a ny time may be lower than the rates on other Notes. If the Issuer converts from a
floa ting ra te to a fixed ra te, the fixed ra te may be lower than the then-prevailing ra tes on its Notes.
In certain circumstances holders may be subject to U.S. withholding tax.
Under the U.S. tax rules known a s the Foreign Account Tax Compliance Act ("FATCA"), a holder who is a
U.S. Alien (a s defined in Condition 8.01 in the section "Terms a nd Conditions of the Notes" of this Offering Circula r) will
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ACTIVE 271092691v.11





genera lly be subject to 30% U.S. withholding tax on certa in payments made on the Notes if such holder (i) is, or holds its
Notes through, a foreign financia l institution that has not entered into an a greement with the U.S. government to report, on an
annua l ba sis, certa in information rega rding accounts with or interests in the institution held by certa in U.S. persons and by
certa in non-U.S. entities that a re wholly or pa rtia lly owned by U.S. persons, or that ha s been designated a s a "nonpa rticipating
foreign financia l institution" if it is subject to an intergovernmenta l a greement ("IGA") between the United States and a
foreign country, or (ii) fa ils to provide certa in documentation conta ining information a bout its identity, its FATCA status, and
if required, its direct and indirect U.S. owners. A number of countries have entered into IGAs with the United States. The
adoption of, or implementation of, an IGA between the United States and an applicable foreign country, or future U.S.
Trea sury regula tions, may modify these requirements. Such payments include U.S.-source interest but do not include gross
proceeds from the sa le or other disposition of notes that can produce U.S.-source interest, pursuant to proposed Treasury
regula tions tha t may be relied upon pending their fina lization. Prospective holders should refer to the section "United States
Ta xation" of this Offering Circular.
There may not be any trading market for the Notes; many factors affect the trading and market value of the Notes.
Upon issuance, the Notes will not have an established trading market. The Issuer cannot a ssure holders of the Notes
that a trading ma rket for the Notes will ever develop, or that any such ma rket will be ma inta ined if developed. In addition to
the Issuer's creditworthiness, many factors affect the trading market for, and trading va lue of, the Notes. If such a ma rket were
to develop, the Notes could trade a t prices that may be lower than the initia l offering prices depending on many factors,
including:
· the method of calculating the principal, premium, if any, and interest, if any, in respect of the Notes;
· the time remaining to the maturity of the Notes;
· the outstanding amount of the Notes;
· any redemption features of the Notes;
· the level, direction and volatility of market interest rates generally; and
· fluctuations in exchange rates between an investor's currency and the specified currency in which a Note is
denominated.
There may be a limited number of buyers when a holder decides to sell its Notes. This may affect the price such
holder receives for such Notes or such holder's ability to sell its Notes at a ll. In addition, Notes that are designed for specific
investment objectives or strategies often experience a more limited trading ma rket and more price volatility than those not so
designed. Investors should not purchase Notes unless they understand and know they can bea r a ll of the investment risks
involving the Notes.
The risks rela ting to a la ck of an established trading ma rket and/or a limited secondary ma rket are heightened for
Notes that use any new ma rket rate or method for determining an interest ra te (such a s an interest rate based on SOFR or
Compounded SOFR) because ma rket terms for such Notes, such a s the applicable "spread" or "spread multiplier," may
evolve over time and, a s a result, trading prices of such Notes may be lower than those of later-issued Notes that a re linked to
such ma rket ra te. Simila rly, if such new ma rket ra te or method for determining an interest rate does not prove to be widely
used in simila r debt securities, the trading price of such Notes may be lower than that of debt securities that a re linked to ra tes
that are more widely used. Investors in Notes that use any new ma rket rate or method for determining an interest rate may not
be able to sell their Notes at a ll or at prices that will provide them with a yield compa rable to simila r investments that have a
developed seconda ry ma rket. Further, investors wishing to sell such Notes in the seconda ry market will have to make
assumptions a s to the future performance of such ma rket ra te during the applicable period in which they intend the sa le to take
pla ce. As a result, investors may suffer from increased pricing volatility a nd market risk.
The Issuer's credit ratings may not reflect all risks of an investment in the Notes, and related regulatory requirements may
affect certain investors and the value of the Notes.
The credit ra tings of the Issuer or the Notes may not reflect the potentia l impact of a ll risks rela ted to the structure of
and ma rket for the Notes and do not address the price, if a ny, at which the Notes may be resold prior to maturity. However,
rea l or anticipated changes in the Issuer's or the Program's credit ra tings will genera lly affect the ma rket va lue of the Notes. A
credit ra ting is not a recommendation to buy, sell or hold securities and may be revised or withdra wn by the rating a gency at
any time. There is no assurance that a credit rating will rema in for any given period of time or that a credit rating will not be
lowered or withdra wn by the relevant rating a gency if, in its judgment, circumstances so wa rrant. The impa ct of other
activities that the Issuer undertakes, including its stock repurchase program, changes in its dividend ra te and, particula rly,
increases in its debt levels could a lso result in future declines in its credit ra tings. See "--Risks Rela ted to the Issuer--Trading
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Document Outline