0001104659-19-042287.txt : 20190729 0001104659-19-042287.hdr.sgml : 20190729 20190729154645 ACCESSION NUMBER: 0001104659-19-042287 CONFORMED SUBMISSION TYPE: 424B2 PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20190729 DATE AS OF CHANGE: 20190729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARCLAYS BANK PLC CENTRAL INDEX KEY: 0000312070 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B2 SEC ACT: 1933 Act SEC FILE NUMBER: 333-212571 FILM NUMBER: 19981083 BUSINESS ADDRESS: STREET 1: 1 CHURCHILL PLACE STREET 2: CANARY WHARF CITY: LONDON STATE: X0 ZIP: E14 5HP BUSINESS PHONE: 0044-20-3555-4619 MAIL ADDRESS: STREET 1: 1 CHURCHILL PLACE STREET 2: CANARY WHARF CITY: LONDON STATE: X0 ZIP: E14 5HP FORMER COMPANY: FORMER CONFORMED NAME: BARCLAYS BANK PLC /ENG/ DATE OF NAME CHANGE: 19990402 FORMER COMPANY: FORMER CONFORMED NAME: BARCLAYS BANK INTERNATIONAL LTD DATE OF NAME CHANGE: 19850313 424B2 1 a19-13322_15424b2.htm 424B2 - 7 LN89 [BARC-AMERICAS.FID1076181]

 

Pricing Supplement dated July 25, 2019

(To the Prospectus dated March 30, 2018 and the Prospectus Supplement dated July 18, 2016)

Filed Pursuant to Rule 424(b)(2)

Registration No. 333–212571

 

GRAPHIC

$1,140,000

Buffered AutoCallable Notes due July 30, 2026

Linked to the Least Performing of the United States Oil Fund, LP and the SPDR® S&P® Oil & Gas Exploration & Production ETF

Global Medium-Term Notes, Series A

 

Terms used in this pricing supplement, but not defined herein, shall have the meanings ascribed to them in the prospectus supplement.

 

Issuer:

Barclays Bank PLC

Denominations:

Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof

Initial Valuation Date:

July 25, 2019

Issue Date:

July 30, 2019

Final Valuation Date:*

July 27, 2026

Maturity Date:*

July 30, 2026

Reference Assets:

The United States Oil Fund, LP (the “United States Oil Fund”) and the SPDR® S&P® Oil & Gas Exploration & Production ETF (the “Oil & Gas ETF”), as set forth in the following table:

 

 

 

 

 

 

 

 

 

Reference Asset

Bloomberg Ticker

Initial Value

Coupon Barrier Value

 

 

 

United States Oil Fund

USO UP <Equity>

$11.60

$7.54

 

 

 

Oil & Gas ETF

XOP UP <Equity>

$24.50

$15.93

 

 

 

 

 

 

 

 

 

The United States Oil Fund and the Oil & Gas ETF are each referred to herein as a “Reference Asset” and, collectively, as the “Reference Assets.”

Buffer Percentage:

25.00%

Payment at Maturity:

If the Notes are not automatically called prior to scheduled maturity, and if you hold the Notes to maturity, you will receive on the Maturity Date a cash payment per $1,000 principal amount Note that you hold (in each case, in addition to any Contingent Coupon that may be payable on such date) determined as follows:

§                  If the Reference Asset Return of the Least Performing Reference Asset is greater than or equal to -25.00%, you will receive a payment of $1,000 per $1,000 principal amount Note

§                  If the Reference Asset Return of the Least Performing Reference Asset is less than -25.00%, you will receive an amount per $1,000 principal amount Note calculated as follows:

$1,000 + [$1,000 × (Reference Asset Return of the Least Performing Reference Asset + Buffer Percentage)]

If the Notes are not automatically called prior to scheduled maturity, and if the Reference Asset Return of the Least Performing Reference Asset is less than -25.00%, you will lose 1.00% of the principal amount of your Notes for every 1.00% that the Reference Asset Return of the Least Performing Reference Asset falls below -25.00%. You may lose up to 75.00% of the principal amount of your Notes at maturity.

Any payment on the Notes, including any repayment of principal, is not guaranteed by any third party and is subject to (a) the creditworthiness of Barclays Bank PLC and (b) the risk of exercise of any U.K. Bail-in Power (as further described on page PS-2 of this pricing supplement) by the relevant U.K. resolution authority. If Barclays Bank PLC were to default on its payment obligations or become subject to the exercise of any U.K. Bail-in Power (or any other resolution measure) by the relevant U.K. resolution authority, you might not receive any amounts owed to you under the Notes. See “Consent to U.K. Bail-in Power” and “Selected Risk Considerations” in this pricing supplement and “Risk Factors” in the accompanying prospectus supplement for more information.

Consent to U.K. Bail-in Power:

Notwithstanding any other agreements, arrangements or understandings between Barclays Bank PLC and any holder of the Notes, by acquiring the Notes, each holder of the Notes acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority. See “Consent to U.K. Bail-in Power” on page PS–2 of this pricing supplement.

 

[Terms of the Notes Continue on the Next Page]

 

 

 

Initial Issue Price(1)(2)

 

Price to Public

 

Agent’s Commission(3)

 

Proceeds to Barclays Bank PLC

Per Note

 

$1,000

 

100%

 

4.25%

 

95.75%

Total

 

$1,140,000

 

$1,140,000

 

$48,450

 

$1,091,550

 

(1)          Because dealers who purchase the Notes for sale to certain fee-based advisory accounts may forego some or all selling concessions, fees or commissions, the public offering price for investors purchasing the Notes in such fee-based advisory accounts may be between $957.50 and $1,000 per Note. Investors that hold their Notes in fee-based advisory or trust accounts may be charged fees by the investment advisor or manager of such account based on the amount of assets held in those accounts, including the Notes.

 

(2)          Our estimated value of the Notes on the Initial Valuation Date, based on our internal pricing models, is $932.70 per Note. The estimated value is less than the initial issue price of the Notes. See “Additional Information Regarding Our Estimated Value of the Notes” on page PS–3 of this pricing supplement.

 

(3)          Barclays Capital Inc. will receive commissions from the Issuer of 4.25% of the principal amount of the Notes, or $42.50 per $1,000 principal amount. Barclays Capital Inc. will use these commissions to pay selling concessions or fees (including custodial or clearing fees) to other dealers.

 

Investing in the Notes involves a number of risks. See “Risk Factors” beginning on page S–7 of the prospectus supplement and “Selected Risk Considerations” beginning on page PS–10 of this pricing supplement.

 

We may use this pricing supplement in the initial sale of Notes.  In addition, Barclays Capital Inc. or another of our affiliates may use this pricing supplement in market resale transactions in any Notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, this pricing supplement is being used in a market resale transaction.

 

The Notes will not be listed on any U.S. securities exchange or quotation system. Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these Notes or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

 

The Notes constitute our unsecured and unsubordinated obligations. The Notes are not deposit liabilities of Barclays Bank PLC and are not covered by the U.K. Financial Services Compensation Scheme or insured by the U.S. Federal Deposit Insurance Corporation or any other governmental agency or deposit insurance agency of the United States, the United Kingdom or any other jurisdiction.

 

 

Terms of the Notes, Continued

 

Contingent Coupon:

$6.6667 per $1,000 principal amount Note, which is 0.66667% of the principal amount per Note (based on an 8.00% per annum rate)

If the Closing Value of each Reference Asset on an Observation Date is greater than or equal to its respective Coupon Barrier Value, you will receive a Contingent Coupon on the related Contingent Coupon Payment Date. If the Closing Value of any Reference Asset on an Observation Date is less than its Coupon Barrier Value, you will not receive a Contingent Coupon on the related Contingent Coupon Payment Date.

Automatic Call:

The Notes will not be automatically called by us for the first year after the Issue date. If, on any Call Valuation Date, the Closing Value of each Reference Asset is greater than or equal to its respective Initial Value, the Notes will be automatically called for a cash payment per $1,000 principal amount Note equal to the Redemption Price payable on the Call Settlement Date. No further amounts will be payable on the Notes after the Call Settlement Date.

Observation Dates:*

The 25th calendar day of each month during the term of the Notes, beginning in August 2019; provided that the final Observation Date will be the Final Valuation Date

Contingent Coupon Payment Dates:*

With respect to any Observation Date, the fifth business day after such Observation Date, provided that the Contingent Coupon Payment Date with respect to the Final Valuation Date will be the Maturity Date

Call Valuation Date:

The Observation Dates scheduled to occur in each January, April, July and October during the term of the Notes, beginning in July 2020; provided that the final Call Valuation Date will be the Final Valuation Date

Call Settlement Date:

The Contingent Coupon Payment Date following the Call Valuation Date on which an Automatic Call occurs

Initial Value:

With respect to each Reference Asset, the Closing Value on the Initial Valuation Date, as set forth in the table above

Coupon Barrier Value:

With respect to each Reference Asset, 65.00% of its Initial Value, as set forth in the table above

Final Value:

With respect to each Reference Asset, the Closing Value on the Final Valuation Date

Redemption Price:

$1,000 per $1,000 principal amount Note that you hold, plus the Contingent Coupon that will otherwise be payable on the Call Settlement Date

Reference Asset Return:

With respect to each Reference Asset, an amount calculated as follows:

Final Value – Initial Value
Initial Value

Least Performing Reference Asset:

The Reference Asset with the lowest Reference Asset Return, as calculated in the manner set forth above

Closing Value:

The term “Closing Value” means the closing price of one share of the applicable Reference Asset, as further described under “Reference Assets—Exchange-Traded Funds—Special Calculation Provisions” in the prospectus supplement, rounded to two decimal places (if applicable).

Calculation Agent:

Barclays Bank PLC

CUSIP / ISIN:

06747N7A6 / US06747N7A62

 

*                  Subject to postponement, as described under “Additional Terms of the Notes” in this pricing supplement

 

GRAPHIC

 

 

ADDITIONAL DOCUMENTS RELATED TO THE OFFERING OF THE NOTES

 

You should read this pricing supplement together with the prospectus dated March 30, 2018, as supplemented by the prospectus supplement dated July 18, 2016, relating to our Global Medium-Term Notes, Series A, of which these Notes are a part. This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth under “Risk Factors” in the prospectus supplement and “Selected Risk Considerations” in this pricing supplement, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes.

 

When you read the prospectus supplement, note that all references to the prospectus dated July 18, 2016, or to any sections therein, should refer instead to the accompanying prospectus dated March 30, 2018, or to the corresponding sections of that prospectus.

 

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

 

·                  Prospectus dated March 30, 2018:

https://www.sec.gov/Archives/edgar/data/312070/000119312518103150/d561709d424b3.htm

 

·                  Prospectus Supplement dated July 18, 2016:

http://www.sec.gov/Archives/edgar/data/312070/000110465916132999/a16-14463_21424b3.htm

 

Our SEC file number is 1–10257. As used in this pricing supplement, “we,” “us,” or “our” refers to Barclays Bank PLC.

 

PS-1

 

CONSENT TO U.K. BAIL-IN POWER

 

Notwithstanding any other agreements, arrangements or understandings between us and any holder of the Notes, by acquiring the Notes, each holder of the Notes acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority.

 

Under the U.K. Banking Act 2009, as amended, the relevant U.K. resolution authority may exercise a U.K. Bail-in Power in circumstances in which the relevant U.K. resolution authority is satisfied that the resolution conditions are met. These conditions include that a U.K. bank or investment firm is failing or is likely to fail to satisfy the Financial Services and Markets Act 2000 (the “FSMA”) threshold conditions for authorization to carry on certain regulated activities (within the meaning of section 55B FSMA) or, in the case of a U.K. banking group company that is a European Economic Area (“EEA”) or third country institution or investment firm, that the relevant EEA or third country relevant authority is satisfied that the resolution conditions are met in respect of that entity.

 

The U.K. Bail-in Power includes any write-down, conversion, transfer, modification and/or suspension power, which allows for (i) the reduction or cancellation of all, or a portion, of the principal amount of, interest on, or any other amounts payable on, the Notes; (ii) the conversion of all, or a portion, of the principal amount of, interest on, or any other amounts payable on, the Notes into shares or other securities or other obligations of Barclays Bank PLC or another person (and the issue to, or conferral on, the holder of the Notes such shares, securities or obligations); and/or (iii) the amendment or alteration of the maturity of the Notes, or amendment of the amount of interest or any other amounts due on the Notes, or the dates on which interest or any other amounts become payable, including by suspending payment for a temporary period; which U.K. Bail-in Power may be exercised by means of a variation of the terms of the Notes solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. Bail-in Power. Each holder of the Notes further acknowledges and agrees that the rights of the holders of the Notes are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority. For the avoidance of doubt, this consent and acknowledgment is not a waiver of any rights holders of the Notes may have at law if and to the extent that any U.K. Bail-in Power is exercised by the relevant U.K. resolution authority in breach of laws applicable in England.

 

For more information, please see “Selected Risk Considerations—You May Lose Some or All of Your Investment If Any U.K. Bail-in Power Is Exercised by the Relevant U.K. Resolution Authority” in this pricing supplement as well as “U.K. Bail-in Power,” “Risk Factors—Risks Relating to the Securities Generally—Regulatory action in the event a bank or investment firm in the Group is failing or likely to fail could materially adversely affect the value of the securities” and “Risk Factors—Risks Relating to the Securities Generally—Under the terms of the securities, you have agreed to be bound by the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority” in the accompanying prospectus supplement.

 

PS-2

 

ADDITIONAL INFORMATION REGARDING OUR ESTIMATED VALUE OF THE NOTES

 

Our internal pricing models take into account a number of variables and are based on a number of subjective assumptions, which may or may not materialize, typically including volatility, interest rates, and our internal funding rates. Our internal funding rates (which are our internally published borrowing rates based on variables such as market benchmarks, our appetite for borrowing, and our existing obligations coming to maturity) may vary from the levels at which our benchmark debt securities trade in the secondary market. Our estimated value on the Initial Valuation Date is based on our internal funding rates. Our estimated value of the Notes may be lower if such valuation were based on the levels at which our benchmark debt securities trade in the secondary market.

 

Our estimated value of the Notes on the Initial Valuation Date is less than the initial issue price of the Notes. The difference between the initial issue price of the Notes and our estimated value of the Notes results from several factors, including any sales commissions to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the Notes, the estimated cost which we may incur in hedging our obligations under the Notes, and estimated development and other costs which we may incur in connection with the Notes.

 

Our estimated value on the Initial Valuation Date is not a prediction of the price at which the Notes may trade in the secondary market, nor will it be the price at which Barclays Capital Inc. may buy or sell the Notes in the secondary market. Subject to normal market and funding conditions, Barclays Capital Inc. or another affiliate of ours intends to offer to purchase the Notes in the secondary market but it is not obligated to do so.

 

Assuming that all relevant factors remain constant after the Initial Valuation Date, the price at which Barclays Capital Inc. may initially buy or sell the Notes in the secondary market, if any, and the value that we may initially use for customer account statements, if we provide any customer account statements at all, may exceed our estimated value on the Initial Valuation Date for a temporary period expected to be approximately six months after the Issue Date because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the Notes and other costs in connection with the Notes which we will no longer expect to incur over the term of the Notes. We made such discretionary election and determined this temporary reimbursement period on the basis of a number of factors, which may include the tenor of the Notes and/or any agreement we may have with the distributors of the Notes. The amount of our estimated costs which we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the initial Issue Date of the Notes based on changes in market conditions and other factors that cannot be predicted.

 

We urge you to read the “Selected Risk Considerations” beginning on page PS–10 of this pricing supplement.

 

PS-3

 

SELECTED PURCHASE CONSIDERATIONS

 

The Notes are not suitable for all investors. The Notes may be a suitable investment for you if all of the following statements are true:

 

·                  You do not seek an investment that produces fixed periodic interest or coupon payments or other non-contingent sources of current income, and you can tolerate receiving few or no Contingent Coupons over the term of the Notes in the event the Closing Value of any Reference Asset falls below its Coupon Barrier Value on one or more of the specified Observation Dates.

 

·                  You understand and accept that you will not participate in any appreciation of any Reference Asset, which may be significant, and that your return potential on the Notes is limited to the Contingent Coupons, if any, paid on the Notes.

 

·                  You can tolerate a loss of up to 75.00% of the principal amount of your Notes, and you are willing and able to make an investment that may have the downside market risk of an investment in the Least Performing Reference Asset.

 

·                  You do not anticipate that the Closing Value of any Reference Asset will fall below its Coupon Barrier Value on any Observation Date or that the Reference Asset Return of any Reference Asset will be less than -25.00%.

 

·                  You understand and accept that you will not be entitled to receive dividends or distributions that may be paid to holders of any Reference Asset or any securities to which any Reference Asset provides exposure, nor will you have any voting rights with respect to any Reference Asset or any securities to which any Reference Asset provides exposure.

 

·                  You are willing and able to accept the individual market risk of each Reference Asset and understand that any decline in the value of one Reference Asset will not be offset or mitigated by a lesser decline or any potential increase in the value of any other Reference Asset.

 

·                  You understand and accept the risks that (a) you will not receive a Contingent Coupon if the Closing Value of only one Reference Asset is less than its Coupon Barrier Value on an Observation Date and (b) you will suffer a loss of your principal at maturity if the Reference Asset Return of only one Reference Asset is less than -25.00%.

 

·                  You understand and accept the risk that, if the Notes are not automatically called prior to scheduled maturity, the payment at maturity will be based solely on the Reference Asset Return of the Least Performing Reference Asset

 

·                  You understand and are willing and able to accept the risks associated with an investment linked to the performance of the Reference Assets.

 

·                  You are willing and able to accept the risk that the Notes may be automatically called prior to scheduled maturity and that you may not be able to reinvest your money in an alternative investment with comparable risk and yield.

 

·                  You can tolerate fluctuations in the price of the Notes prior to scheduled maturity that may be similar to or exceed the downside fluctuations in the value of the Reference Assets.

 

·                  You do not seek an investment for which there will be an active secondary market, and you are willing and able to hold the Notes to maturity if the Notes are not automatically called.

 

·                  You are willing and able to assume our credit risk for all payments on the Notes.

 

·                  You are willing and able to consent to the exercise of any U.K. Bail-in Power by any relevant U.K. resolution authority.

 

The Notes may not be a suitable investment for you if any of the following statements are true:

 

·                  You seek an investment that produces fixed periodic interest or coupon payments or other non-contingent sources of current income, and/or you cannot tolerate receiving few or no Contingent Coupons over the term of the Notes in the event the Closing Value of any Reference Asset falls below its Coupon Barrier Value on one or more of the specified Observation Dates.

 

·                  You seek an investment that participates in the full appreciation of any or all of the Reference Assets rather than an investment with a return that is limited to the Contingent Coupons, if any, paid on the Notes.

 

·                  You seek an investment that provides for the full repayment of principal at maturity, and/or you are unwilling or unable to accept the risk that you may lose some or all of the principal amount of your Notes in the event that the Final Value of the Least Performing Reference Asset falls below -25.00%.

 

·                  You anticipate that the Closing Value of at least one Reference Asset will decline during the term of the Notes such that the Closing Value of at least one Reference Asset will fall below its Coupon Barrier Value on one or more Observation Dates and/or the Reference Asset Return of at least one Reference Asset will fall below -25.00%.

 

·                  You are unwilling or unable to accept the individual market risk of each Reference Asset and/or do not understand that any decline in the value of one Reference Asset will not be offset or mitigated by a lesser decline or any potential increase in the value of any other Reference Asset.

 

·                  You do not understand and/or are unwilling or unable to accept the risks associated with an investment linked to the performance of the Reference Assets.

 

·                  You are unwilling or unable to accept the risk that the negative performance of only one Reference Asset may cause you to not receive Contingent Coupons and/or suffer a loss of principal at maturity, regardless of the performance of any other Reference Asset.

 

·                  You are unwilling or unable to accept the risk that the Notes may be automatically called prior to scheduled maturity.

 

·                  You seek an investment that entitles you to dividends or distributions on, or voting rights related to any Reference Asset or any securities to which any Reference Asset provides exposure.

 

PS-4

 

·                  You cannot tolerate fluctuations in the price of the Notes prior to scheduled maturity that may be similar to or exceed the downside fluctuations in the value of the Reference Assets.

 

·                  You seek an investment for which there will be an active secondary market, and/or you are unwilling or unable to hold the Notes to maturity if they are not automatically called.

 

·                  You prefer the lower risk, and therefore accept the potentially lower returns, of fixed income investments with comparable maturities and credit ratings.

 

·                  You are unwilling or unable to assume our credit risk for all payments on the Notes.

 

·                  You are unwilling or unable to consent to the exercise of any U.K. Bail-in Power by any relevant U.K. resolution authority.

 

You must rely on your own evaluation of the merits of an investment in the Notes. You should reach a decision whether to invest in the Notes after carefully considering, with your advisors, the suitability of the Notes in light of your investment objectives and the specific information set out in this pricing supplement, the prospectus supplement and the prospectus. Neither the Issuer nor Barclays Capital Inc. makes any recommendation as to the suitability of the Notes for investment.

 

ADDITIONAL TERMS OF THE NOTES

 

The Observation Dates (including the Final Valuation Date), the Contingent Coupon Payment Dates, any Call Settlement Date and the Maturity Date are subject to postponement in certain circumstances, as described under “Reference Assets—Exchange-Traded Funds—Market Disruption Events for Securities with an Exchange-Traded Fund that Holds Equity Securities as a Reference Asset” “Reference Assets—Least or Best Performing Reference Asset—Scheduled Trading Days and Market Disruption Events for Securities Linked to the Reference Asset with the Lowest or Highest Return in a Group of Two or More Equity Securities, Exchange-Traded Funds and/or Indices of Equity Securities” and “Terms of the Notes—Payment Dates” in the accompanying prospectus supplement.

 

In addition, the Reference Assets and the Notes are subject to adjustment by the Calculation Agent under certain circumstances, as described under “Reference Assets—Exchange-Traded Funds—Adjustments Relating to Securities with an Exchange-Traded Fund as a Reference Asset” in the accompanying prospectus supplement.

 

PS-5

 

HYPOTHETICAL EXAMPLES OF AMOUNTS PAYABLE ON A SINGLE CONTINGENT COUPON PAYMENT DATE

 

The following examples demonstrate the circumstances under which you may receive a Contingent Coupon on a hypothetical Contingent Coupon Payment Date. The numbers appearing in these tables are purely hypothetical and are provided for illustrative purposes only. These examples do not take into account any tax consequences from investing in the Notes and make the following key assumptions:

 

§                  Hypothetical Initial Value of each Reference Asset: 100.00*

 

§                  Hypothetical Coupon Barrier Value for each Reference Asset: 65.00 (65.00% of the hypothetical Initial Value set forth above)*

 

*            The hypothetical Initial Value of 100.00 and the hypothetical Coupon Barrier Value of 65.00 for each Reference Asset have been chosen for illustrative purposes only. The actual Initial Value and Coupon Barrier Value for each Reference Asset are as set forth on the cover of this pricing supplement.

 

Example 1: The Closing Value of each Reference Asset is greater than its Coupon Barrier Value on the relevant Observation Date.

 

Reference Asset

Closing Value on Relevant
Observation Date

United States Oil Fund

95.00

Oil & Gas ETF

105.00

 

Because the Closing Value of each Reference Asset is greater than its respective Coupon Barrier Value, you will receive a Contingent Coupon of $6.6667 (0.66667% of the principal amount per Note) on the related Contingent Coupon Payment Date.

 

Example 2: The Closing Value of one Reference Asset is greater than its Coupon Barrier Value on the relevant Observation Date and the Closing Value of at least one Reference Asset is less than its Coupon Barrier Value on the relevant Observation Date.

 

Reference Asset

Closing Value on Relevant
Observation Date

United States Oil Fund

135.00

Oil & Gas ETF

55.00

 

Because the Closing Value of at least one Reference Asset is less than its Coupon Barrier Value, you will not receive a Contingent Coupon on the related Contingent Coupon Payment Date.

 

Example 3: The Closing Value of each Reference Asset is less than its Coupon Barrier Value on the relevant Observation Date.

 

Reference Asset

Closing Value on Relevant
Observation Date

United States Oil Fund

50.00

Oil & Gas ETF

45.00

 

Because the Closing Value of at least one Reference Asset is less than its Coupon Barrier Value, you will not receive a Contingent Coupon on the related Contingent Coupon Payment Date.

 

Examples 2 and 3 demonstrate that you may not receive a Contingent Coupon on a Contingent Coupon Payment Date. If the Closing Value of any Reference Asset is below its Coupon Barrier Value on each Observation Date, you will not receive any Contingent Coupons during the term of the Notes.

 

In each of the examples above, because the Closing Value of at least one Reference Asset is below its Initial Value on the relevant Observation Date, the Notes will not be automatically called on such date. The Notes will be automatically called only if the Closing Value of each Reference Asset on any Call Valuation Date is greater than or equal to its respective Initial Value.

 

PS-6

 

HYPOTHETICAL EXAMPLES OF AMOUNTS PAYABLE UPON AUTOMATIC CALL

 

The following examples demonstrate the hypothetical total return upon an Automatic Call under various circumstances. The “total return” as used in these examples is the number, expressed as a percentage, that results from comparing the aggregate payments per $1,000 principal amount Note to $1,000. The hypothetical total returns set forth below are for illustrative purposes only and may not be the actual total returns applicable to a purchaser of the Notes. The numbers appearing in the following tables and examples have been rounded for ease of analysis. The hypothetical examples below do not take into account any tax consequences from investing in the Notes.

 

Example 1: The Notes are automatically called on the first Call Valuation Date.

 

Observation
Date

Is the Closing Value of Any
Reference Asset Less Than
its Coupon Barrier Value?

Is the Closing Value of Any
Reference Asset Less Than its
Initial Value?

Payment on Contingent Coupon Payment Date
(per $1,000 principal amount Note)

1

Yes

The Notes may not be called with respect to any of the first eleven Observation Dates

$0.00

2

No

$6.6667

3

Yes

$0.00

4

Yes

$0.00

5

Yes

$0.00

6

Yes

$0.00

7

No

$6.6667

8

Yes

$0.00

9

Yes

$0.00

10

No

$6.6667

11

Yes

$0.00

12 (First Call Valuation Date)

No

No

$1,006.6667

 

Because the Closing Value of each Reference Asset on the first Call Valuation Date is greater than or equal to its Initial Value, the Notes are automatically called and you will receive the Redemption Price on the related Call Settlement Date.

 

The Notes will cease to be outstanding after the Call Settlement Date, and you will not receive any further payments on the Notes.

 

The total return on investment of the Notes is 2.6667%.

 

Example 2: The Notes are automatically called on the second Call Valuation Date.

 

Observation
Date

Is the Closing Value of Any
Reference Asset Less Than
its Coupon Barrier Value?

Is the Closing Value of Any
Reference Asset Less Than its
Initial Value?

Payment on Contingent Coupon Payment Date

(per $1,000 principal amount Note)

1

No

The Notes may not be called with respect to any of the first eleven Observation Dates

$6.6667

2

Yes

$0.00

3

No

$6.6667

4

Yes

$0.00

5

Yes

$0.00

6

Yes

$0.00

7

No

$6.6667

8

Yes

$0.00

9

Yes

$0.00

10

Yes

$0.00

11

Yes

$0.00

12 (First Call Valuation Date)

Yes

Yes

$0.00

13

No

Yes

$6.6667

14

Yes

Yes

$0.00

15 (Second Call Valuation Date)

No

No

$1,006.6667

 

Because the Closing Value of each Reference Asset on the second Call Valuation Date is greater than or equal to its Initial Value, the Notes are automatically called and you will receive the Redemption Price on the related Call Settlement Date.

 

The Notes will cease to be outstanding after the Call Settlement Date, and you will not receive any further payments on the Notes.

 

The total return on investment of the Notes is 3.3333%.

 

Each of the examples demonstrate that the return on the Notes upon an Automatic Call will be limited to the Contingent Coupons that may be payable on the Notes up to and including the applicable Call Settlement Date. Each of these examples also demonstrates that a Contingent Coupon will be payable on a Contingent Coupon Payment Date only if the Closing Value of the Least Performing Reference Asset is greater than or equal to the Coupon Barrier Value on an Observation Date. If the Closing Value of the Least Performing Reference Asset on an Observation Date is less than the Coupon Barrier Value, you will not receive a Contingent Coupon on the related Contingent Coupon Payment Date. If the Closing Value of the Least Performing Reference Asset is less than its Coupon Barrier Value on each Observation Date, you will not receive any Contingent Coupons during the term of the Notes.

 

PS-7

 

HYPOTHETICAL EXAMPLES OF AMOUNTS PAYABLE AT MATURITY

 

The following table illustrates the hypothetical payment at maturity under various circumstances. The numbers appearing in the following table and examples have been rounded for ease of analysis. The hypothetical examples below do not take into account any tax consequences from investing in the Notes and make the following key assumptions:

 

§                  Hypothetical Initial Value of each Reference Asset: 100.00*

 

§                  Hypothetical Coupon Barrier Value for each Reference Asset: 65.00 (65.00% of the hypothetical Initial Value set forth above)*

 

§                  You hold the Notes to maturity, and the Notes are NOT automatically called prior to scheduled maturity.

 

*            The hypothetical Initial Value of 100.00 and the hypothetical Coupon Barrier Value of 65.00 for each Reference Asset have been chosen for illustrative purposes only. The actual Initial Value and Coupon Barrier Value for each Reference Asset are as set forth on the cover of this pricing supplement.

 

 

Final Value

 

 

 

Reference Asset Return

 

 

 

United States
Oil Fund

Oil & Gas ETF

 

United States
Oil Fund

Oil & Gas ETF

 

Reference Asset Return
of the Least Performing
Reference Asset

Payment at Maturity**

150.00

175.00

 

50.00%

75.00%

 

50.00%

$1,000.00

145.00

140.00

 

45.00%

40.00%

 

40.00%

$1,000.00

130.00

150.00

 

30.00%

50.00%

 

30.00%

$1,000.00

125.00

120.00

 

25.00%

20.00%

 

20.00%

$1,000.00

110.00

120.00

 

10.00%

20.00%

 

10.00%

$1,000.00

110.00

100.00

 

10.00%

0.00%

 

0.00%

$1,000.00

90.00

102.50

 

-10.00%

2.50%

 

-10.00%

$1,000.00

102.00

80.00

 

2.00%

-20.00%

 

-20.00%

$1,000.00

75.00

90.00

 

-25.00%

-10.00%

 

-25.00%

$1,000.00

95.00

70.00

 

-5.00%

-30.00%

 

-30.00%

$950.00

60.00

85.00

 

-40.00%

-15.00%

 

-40.00%

$850.00

50.00

90.00

 

-50.00%

-10.00%

 

-50.00%

$750.00

150.00

40.00

 

50.00%

-60.00%

 

-60.00%

$650.00

30.00

45.00

 

-70.00%

-55.00%

 

-70.00%

$550.00

40.00

20.00

 

-60.00%

-80.00%

 

-80.00%

$450.00

10.00

95.00

 

-90.00%

-5.00%

 

-90.00%

$350.00

102.00

0.00

 

2.00%

-100.00%

 

-100.00%

$250.00

 

** per $1,000 principal amount Note, excluding the final Contingent Coupon that may be payable on the Maturity Date

 

The following examples illustrate how the payments at maturity set forth in the table above are calculated:

 

Example 1: The Final Value of the United States Oil Fund is 110.00 and the Final Value of the Oil & Gas ETF is 120.00.

 

Because the United States Oil Fund has the lowest Reference Asset Return, the United States Oil Fund is the Least Performing Reference Asset. Because the Reference Asset Return of the Least Performing Reference Asset is greater than or equal to -25.00%, you will receive a payment at maturity of $1,000 per $1,000 principal amount Note that you hold (plus the Contingent Coupon that will otherwise be payable on the Maturity Date).

 

Example 2: The Final Value of the United States Oil Fund is 102.00 and the Final Value of the Oil & Gas ETF is 80.00.

 

Because the Oil & Gas ETF has the lowest Reference Asset Return, the Oil & Gas ETF is the Least Performing Reference Asset. Because the Reference Asset Return of the Least Performing Reference Asset is greater than or equal to -25.00%, you will receive a payment at maturity of $1,000 per $1,000 principal amount Note that you hold (plus the Contingent Coupon that will otherwise be payable on the Maturity Date).Example 3: The Final Value of the United States Oil Fund is 95.00 and the Final Value of the Oil & Gas ETF is 70.00.

 

Because the Oil & Gas ETF has the lowest Reference Asset Return, the Oil & Gas ETF is the Least Performing Reference Asset. Because the Reference Asset Return of the Least Performing Reference Asset is less than -25.00%, you will receive a payment at maturity of $950.00 per $1,000 principal amount Note that you hold, calculated as follows:

 

$1,000 + [$1,000 × (Reference Asset Return of the Least Performing Reference Asset + Buffer Percentage)]

$1,000 + [$1,000 × (-30.00% + 25.00%)] = $950.00

 

In addition, because the Final Value of the Least Performing Reference Asset is greater than or equal to its Coupon Barrier Value, you will receive a Contingent Coupon on the Maturity Date.

 

PS-8

 

Example 4: The Final Value of the United States Oil Fund is 30.00 and the Final Value of the Oil & Gas ETF is 45.00.

 

Because the United States Oil Fund has the lowest Reference Asset Return, the United States Oil Fund is the Least Performing Reference Asset. Because the Reference Asset Return of the Least Performing Reference Asset is less than -25.00%, you will receive a payment at maturity of $550.00 per $1,000 principal amount Note that you hold, calculated as follows:

 

$1,000 + [$1,000 × (Reference Asset Return of the Least Performing Reference Asset + Buffer Percentage)]

$1,000 + [$1,000 × (-70.00% + 25.00%)] = $550.00

 

In addition, because the Final Value of at least one Reference Asset is less than its Coupon Barrier Value, you will not receive a Contingent Coupon on the Maturity Date.

 

 

Examples 3 and 4 demonstrate that, if the Notes are not automatically called prior to scheduled maturity, and if the Reference Asset Return of the Least Performing Reference Asset is less than -25.00%, you will lose 1.00% of the principal amount of your Notes for every 1.00% that the Reference Asset Return of such Reference Asset falls below -25.00%. You will not benefit in any way from the Reference Asset Return of the other Reference Asset being higher than the Reference Asset Return of the Least Performing Reference Asset.

 

If the Notes are not automatically called prior to scheduled maturity, you may lose up to 75.00% of the principal amount of your Notes. Any payment on the Notes, including the repayment of principal, is subject to the credit risk of Barclays Bank PLC.

 

PS-9

 

SELECTED RISK CONSIDERATIONS

 

An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference Assets or their components. These risks are explained in more detail in the “Risk Factors” section of the prospectus supplement, including the risk factors discussed under the following headings of the prospectus supplement:

 

·             “Risk Factors—Risks Relating to the Securities Generally”;

 

·             “Risk Factors—Additional Risks Relating to Securities with Reference Assets That Are Equity Securities, Indices of Equity Securities or Exchange-Traded Funds that Hold Equity Securities;” and

 

·                  “Risk Factors—Additional Risks Relating to Securities That We May Call or Redeem (Automatically or Otherwise).”

 

In addition to the risks described above, you should consider the following:

 

·                  Your Investment in the Notes May Result in a Significant Loss—The Notes differ from ordinary debt securities in that the Issuer will not necessarily repay the full principal amount of the Notes at maturity. If the Notes are not automatically called prior to scheduled maturity, and if the Reference Asset Return of the Least Performing Reference Asset is less than -25.00%, you will lose 1.00% of the principal amount of your Notes for every 1.00% that the Reference Asset Return of the Least Performing Reference Asset falls below -25.00%. You may lose up to 75.00% of the principal amount of your Notes.

 

·                  Potential Return Limited to the Contingent Coupons, If Any, and You Will Not Participate in Any Appreciation of Any Reference Asset—The potential positive return on the Notes is limited to the Contingent Coupons, if any, that may be payable during the term of the Notes. You will not participate in any appreciation in the value of any Reference Asset, which may be significant. If the Notes are automatically called prior to scheduled maturity, you will not receive more than the principal amount of your Notes, plus the Contingent Coupon that will otherwise be payable on the related Call Settlement Date. If the Notes are not automatically called prior to scheduled maturity and the Reference Asset Return of the Least Performing Reference Asset is less than -25.00%, you will not receive more than the principal amount of your Notes at maturity (plus a Contingent Coupon if one is payable in respect of the Final Valuation Date), even if one or more of the Reference Assets have appreciated over the term of the Notes. Any payment on the Notes, including the repayment of principal, is subject to the credit risk of Barclays Bank PLC.

 

·                  You May Not Receive Any Contingent Coupon Payments on the Notes—The Issuer will not necessarily make periodic coupon payments on the Notes. You will receive a Contingent Coupon on a Contingent Coupon Payment Date only if the Closing Value of each Reference Asset on the related Observation Date is greater than or equal to its respective Coupon Barrier Value. If the Closing Value of any Reference Asset on an Observation Date is less than its Coupon Barrier Value, you will not receive a Contingent Coupon on the related Contingent Coupon Payment Date. If the Closing Value of at least one Reference Asset is less than its respective Coupon Barrier Value on each Observation Date, you will not receive any Contingent Coupons during the term of the Notes.

 

·                  Because the Notes Are Linked to the Least Performing Reference Asset, You Are Exposed to Greater Risks of No Contingent Coupons and Sustaining a Significant Loss of Principal at Maturity Than If the Notes Were Linked to a Single Reference Asset—The risk that you will not receive any Contingent Coupons and lose a significant portion or all of your principal amount in the Notes at maturity is greater if you invest in the Notes as opposed to substantially similar securities that are linked to the performance of a single Reference Asset. With multiple Reference Assets, it is more likely that the Closing Value of at least one Reference Asset will be less than its Coupon Barrier Value on the specified Observation Dates or less than -25.00% on the Final Valuation Date, and therefore, it is more likely that you will not receive any Contingent Coupons and that you will suffer a significant loss of principal at maturity. Further, the performance of the Reference Assets may not be correlated or may be negatively correlated. The lower the correlation between multiple Reference Assets, the greater the potential for one of those Reference Assets to close below its Coupon Barrier Value on an Observation Date or have a Reference Asset Return below -25.00% on the Final Valuation Date, respectively.

 

It is impossible to predict what the correlation among the Reference Assets will be over the term of the Notes. The Reference Assets represent different equity markets. These different equity markets may not perform similarly over the term of the Notes.

 

Although the correlation of the Reference Assets’ performance may change over the term of the Notes, the Contingent Coupon rate is determined, in part, based on the correlation of the Reference Assets’ performance calculated using our internal models at the time when the terms of the Notes are finalized. A higher Contingent Coupon is generally associated with lower correlation of the Reference Assets, which reflects a greater potential for missed Contingent Coupons and for a loss of principal at maturity.

 

·                  You Are Exposed to the Market Risk of Each Reference Asset—Your return on the Notes is not linked to a basket consisting of the Reference Assets. Rather, it will be contingent upon the independent performance of each Reference Asset. Unlike an instrument with a return linked to a basket of underlying assets in which risk is mitigated and diversified among all the components of the basket, you will be exposed to the risks related to each Reference Asset. Poor performance by any Reference Asset over the term of the Notes may negatively affect your return and will not be offset or mitigated by any increases or lesser declines in the value of any other Reference Asset. To receive a Contingent Coupon, the Closing Value of each Reference Asset must be greater than or equal to its Coupon Barrier Value on the applicable Observation Date. Accordingly, your investment is subject to the market risk of each Reference Asset.

 

PS-10

 

·                  The Notes Are Subject to Volatility Risk—Volatility is a measure of the degree of variation in the price of an asset (or level of an index) over a period of time. The Contingent Coupon is based on a number of factors, including the expected volatility of the Reference Assets. The Contingent Coupon will be paid at a per annum rate that is higher than the fixed rate that we would pay on a conventional debt security of the same tenor and is higher than it otherwise would have been had the expected volatility of the Reference Assets been lower. As volatility of a Reference Asset increases, there will typically be a greater likelihood that (a) the Closing Value of that Reference Asset on one or more Observation Dates will be less than its Coupon Barrier Value and (b) the Reference Asset Return of that Reference Asset will be less than -25.00%.

 

Accordingly, you should understand that a higher Contingent Coupon reflects, among other things, an indication of a greater likelihood that you will (a) not receive Contingent Coupons with respect to one or more Observation Dates and/or (b) incur a loss of principal at maturity than would have been the case had the Contingent Coupon been lower. In addition, actual volatility over the term of the Notes may be significantly higher than expected volatility at the time the terms of the Notes were determined. If actual volatility is higher than expected, you will face an even greater risk that you will not receive Contingent Coupons and/or that you will lose some or all of your principal at maturity for the reasons described above.

 

·                  Automatic Call and Reinvestment Risk—While the original term of the Notes is as indicated on the cover page of this pricing supplement, the Notes will be automatically called if the Closing Value of each Reference Asset on any Call Valuation Date is greater than or equal to its Initial Value. If the Notes are automatically called, the holding period over which you may receive Contingent Coupons could be as short as approximately one year.

 

The Redemption Price that you receive on a Call Settlement Date, together with any Contingent Coupons that you may have received on prior Contingent Coupon Payment Dates, may be less than the aggregate amount of payments that you would have received had the Notes not been automatically called. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes in a comparable investment with a similar risk in the event the Notes are automatically called prior to the Maturity Date. No additional payments will be due after the relevant Call Settlement Date. The “automatic call” feature may also adversely impact your ability to sell your Notes and the price at which they may be sold.

 

·                  If the Notes Are Not Automatically Called Prior to Scheduled Maturity, the Payment at Maturity is Based Solely on the Closing Value of the Least Performing Reference Asset on the Final Valuation Date—If the Notes are not automatically called prior to scheduled maturity, the Final Values (and resulting Reference Asset Returns) will be based solely on the Closing Values of the Reference Assets on the Final Valuation Date, and your payment at maturity will be determined based solely on the performance of the Least Performing Reference Asset. Accordingly, if the value of the Least Performing Reference Asset drops on the Final Valuation Date, the payment at maturity on the Notes, if any, may be significantly less than it would have been had it been linked to the value of the Reference Asset at any time prior to such drop. If the Reference Asset Return of the Least Performing Reference Asset is less than -25.00%, you will suffer a loss of principal, as described above. Your losses will not be offset in any way by virtue of the Reference Asset Return of the other Reference Asset being higher than the Reference Asset Return of the Least Performing Reference Asset.

 

·                  Credit of Issuer—The Notes are unsecured and unsubordinated debt obligations of the Issuer, Barclays Bank PLC, and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Notes, including any Contingent Coupons and any payment upon an Automatic Call or at maturity, is subject to the ability of Barclays Bank PLC to satisfy its obligations as they come due and is not guaranteed by any third party. As a result, the actual and perceived creditworthiness of Barclays Bank PLC may affect the market value of the Notes, and in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes.

 

·                  You May Lose Some or All of Your Investment If Any U.K. Bail-in Power Is Exercised by the Relevant U.K. Resolution Authority—Notwithstanding any other agreements, arrangements or understandings between Barclays Bank PLC and any holder of the Notes, by acquiring the Notes, each holder of the Notes acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority as set forth under “Consent to U.K. Bail-in Power” in this pricing supplement. Accordingly, any U.K. Bail-in Power may be exercised in such a manner as to result in you and other holders of the Notes losing all or a part of the value of your investment in the Notes or receiving a different security from the Notes, which may be worth significantly less than the Notes and which may have significantly fewer protections than those typically afforded to debt securities. Moreover, the relevant U.K. resolution authority may exercise the U.K. Bail-in Power without providing any advance notice to, or requiring the consent of, the holders of the Notes. The exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the Notes will not be a default or an Event of Default (as each term is defined in the indenture) and the trustee will not be liable for any action that the trustee takes, or abstains from taking, in either case, in accordance with the exercise of the U.K. Bail-in Power by the relevant U.K. resolution authority with respect to the Notes. See “Consent to U.K. Bail-in Power” in this pricing supplement as well as “U.K. Bail-in Power,” “Risk Factors—Risks Relating to the Securities Generally—Regulatory action in the event a bank or investment firm in the Group is failing or likely to fail could materially adversely affect the value of the securities” and “Risk Factors—Risks Relating to the Securities Generally—Under the terms of the securities, you have agreed to be bound by the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority” in the accompanying prospectus supplement.

 

·                  Payment of Any Principal Amount Applies Only at Maturity or upon Any Automatic Call—You should be willing to hold your Notes to maturity or any automatic call. Although the Notes provide for repayment of the principal amount of your Notes at maturity or upon any automatic call, if you sell your Notes prior to such time in the secondary market, if any, you may have to sell your Notes at a price that is less than the principal amount even if at that time the value of each Reference Asset has increased from its Initial Value. See “Many Economic and Market Factors Will Impact the Value of the Notes” below.

 

PS-11

 

·                  Owning the Notes is Not the Same as Owning Any Reference Asset or Any Securities to which the Reference Assets Provide Exposure — The return on the Notes may not reflect the return you would realize if you actually owned any Reference Asset or any securities to which the Reference Assets provide exposure. As a holder of the Notes, you will not have voting rights or rights to receive dividends or other distributions or any other rights that holders of the Reference Assets or any securities to which the Reference Assets provide exposure may have.

 

·                  Historical Performance of the Reference Assets Should Not Be Taken as Any Indication of the Future Performance of the Reference Assets Over the Term of the Notes—The value of each Reference Asset has fluctuated in the past and may, in the future, experience significant fluctuations. The historical performance of a Reference Asset is not an indication of the future performance of that Reference Asset over the term of the Notes. The historical correlation between the Reference Assets is not an indication of the future correlation between them over the term of the Notes. Therefore, the performance of the Reference Assets individually or in comparison to each other over the term of the Notes may bear no relation or resemblance to the historical performance of any Reference Asset.

 

·                  Certain Features of Each Reference Asset Will Impact the Value of the Notes—The performance of each Reference Asset will not fully replicate the performance of each underlying index which the Reference Assets are designed to track (each an “Underlying Index”), and each Reference Asset may hold securities not included in its respective Underlying Index. The value of each Reference Asset is subject to:

 

o                Management risk. This is the risk that the investment strategy for each Reference Asset, the implementation of which is subject to a number of constraints, may not produce the intended results. However, each Reference Asset is not actively managed and does not generally take defensive positions in declining markets.

 

o                Derivatives risk. Each Reference Asset may invest in derivatives, including forward contracts, futures contracts, options on futures contracts, options and swaps. A derivative is a financial contract, the value of which depends on, or is derived from, the value of an underlying asset such as a security or an index. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices, and thus each Reference Asset’s losses, and, as a consequence, the losses on your Notes, may be greater than if each Reference Asset invested only in conventional securities.

 

o                Transaction costs and fees. Unlike its respective Underlying Index, each Reference Asset will reflect transaction costs and fees that will reduce its performance relative to its respective Underlying Index.

 

Generally, the longer the time remaining to maturity, the more the market price of the Notes will be affected by the factors described above. In addition, a Reference Asset may diverge significantly from the performance of its respective Underlying Index due to differences in trading hours between such Reference Asset and the securities composing its Underlying Index or other circumstances. During periods of market volatility, the component securities held by a Reference Asset may be unavailable in the secondary market, market participants may be unable to calculate accurately the intraday net asset value per share of such Reference Asset and the liquidity of such Reference Asset may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares in a Reference Asset. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell shares of a Reference Asset. As a result, under these circumstances, the market value of a Reference Asset may vary substantially from the net asset value per share of such Reference Asset. Because the Notes are linked to the performance of each Reference Asset and not its Underlying Index, the return on your Notes may be less than that of an alternative investment linked directly to its Underlying Index.

 

·                  Adjustments to Each Reference Asset or Its Respective Underlying Index Could Adversely Affect the Value of the Notes—The investment adviser to each Reference Asset seeks investment results that correspond generally to the price and yield performance, before fees and expenses, to its respective Underlying Index. Pursuant to its investment strategy or otherwise, an investment adviser may add, delete or substitute the component securities held by each Reference Asset. Any of these actions could adversely affect the value of each Reference Asset and, consequently, the value of the Notes.

 

In addition, the publisher of each Underlying Index is responsible for calculating and maintaining such Underlying Index. Each Underlying Index publisher may add, delete or substitute the securities composing such Underlying Index or make other methodological changes required by certain corporate events relating to the securities composing such Underlying Index, such as stock dividends, stock splits, spin-offs, rights offerings and extraordinary dividends that could change the value of such Underlying Index. Each Underlying Index publisher may also discontinue or suspend calculation or publication of such Underlying Index at any time. If this discontinuance or suspension occurs, following the termination of such Reference Asset, the Calculation Agent will have the sole discretion to substitute a successor fund that is comparable to the discontinued Reference Asset, or if the Calculation Agent determines that no successor fund is available, to accelerate the Maturity Date of the Notes. Any of these actions could adversely affect the value of such Reference Asset and, consequently, the value of the Notes.

 

For a description of the actions that may be taken by the Calculation Agent in the event that the publisher of an Underlying Index discontinues or suspends calculation of its Underlying Index or a Reference Asset is liquidated or otherwise terminated, see “Reference Assets—Exchange-Traded Funds—Adjustments Relating to Securities with an Exchange-Traded Fund as a Reference Asset” in the accompanying prospectus supplement.

 

PS-12

 

·                  The Notes Are Subject to Risks Associated with the Oil and Gas Industry—All or substantially all of the equity securities held by the Oil and Gas ETF are issued by companies whose primary business is associated with the exploration and production of oil and gas. As a result, the value of the Notes may be subject to greater volatility and may be more adversely affected by a single economic, political or regulatory occurrence affecting this industry than a different investment linked to securities of a more broadly diversified group of issuers or issuers in a less volatile industry. The oil and gas industry is significantly affected by a number of factors that influence worldwide economic conditions and oil and gas prices, such as natural disasters, supple disruptions, geopolitical events and other events and other factors that may offset or magnify each other, including: worldwide and domestic supplies of, and demand for, crude oil and natural gas; the cost of exploring for, developing, producing, refining and marketing crude oil and natural gas; consumer confidence changes in weather patterns and climatic changes the ability of the members of Organization of Petroleum Exporting Countries (OPEC) and other producing nations to agree to and maintain production levels; the worldwide military and political environment, uncertainty or instability resulting from an escalation or additional outbreak of armed hostilities or further acts of terrorism in the United States, or elsewhere; the price and availability of alternative and competing fuels; domestic and foreign governmental regulations and taxes; employment levels and hob growth; and general economic conditions worldwide. These or other factors or the absence of such factors could cause a downturn in the oil and natural gas industries generally or regionally and could cause the value of some or all of the securities held by the Oil & Gas ETF to decline during the term of the Notes. For example, the Oil & Gas ETF suffered significant and sustained negative performance in 2014 and 2015 while the broader U.S. equities markets achieved positive returns for the same period.

 

·                  An Investment in the Notes Involves Industry Concentration Risk—As described below under “Information Regarding the Reference Assets,” the investment objective of each Reference Asset is to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in one particular sector or group of industries. The performance of companies in each relevant sector will be influenced by many complex and unpredictable factors, including industry competition, interest rates, geopolitical events, government action and regulation, and supply and demand for the products and services offered by such companies. Any adverse development in the particular sector tracked by any Reference Asset may have a material adverse effect on the securities held in the portfolio of such Reference Asset and, as a result, may have a material adverse effect on the value of the Reference Asset and the value of the Notes.

 

·                  The Estimated Value of Your Notes is Lower Than the Initial Issue Price of Your Notes—The estimated value of your Notes on the Initial Valuation Date is lower than the initial issue price of your Notes. The difference between the initial issue price of your Notes and the estimated value of the Notes is a result of certain factors, such as any sales commissions to be paid to Barclays Capital Inc. or another affiliate of ours, any selling concessions, discounts, commissions or fees to be allowed or paid to non-affiliated intermediaries, the estimated profit that we or any of our affiliates expect to earn in connection with structuring the Notes, the estimated cost which we may incur in hedging our obligations under the Notes, and estimated development and other costs which we may incur in connection with the Notes.

 

·                  The Estimated Value of Your Notes Might be Lower if Such Estimated Value Were Based on the Levels at Which Our Debt Securities Trade in the Secondary Market—The estimated value of your Notes on the Initial Valuation Date is based on a number of variables, including our internal funding rates. Our internal funding rates may vary from the levels at which our benchmark debt securities trade in the secondary market. As a result of this difference, the estimated value referenced above might be lower if such estimated value was based on the levels at which our benchmark debt securities trade in the secondary market.

 

·                  The Estimated Value of the Notes is Based on Our Internal Pricing Models, Which May Prove to be Inaccurate and May be Different from the Pricing Models of Other Financial Institutions—The estimated value of your Notes on the Initial Valuation Date is based on our internal pricing models, which take into account a number of variables and are based on a number of subjective assumptions, which may or may not materialize. These variables and assumptions are not evaluated or verified on an independent basis. Further, our pricing models may be different from other financial institutions’ pricing models and the methodologies used by us to estimate the value of the Notes may not be consistent with those of other financial institutions which may be purchasers or sellers of Notes in the secondary market. As a result, the secondary market price of your Notes may be materially different from the estimated value of the Notes determined by reference to our internal pricing models.

 

·                  The Estimated Value of Your Notes Is Not a Prediction of the Prices at Which You May Sell Your Notes in the Secondary Market, if any, and Such Secondary Market Prices, If Any, Will Likely be Lower Than the Initial Issue Price of Your Notes and May be Lower Than the Estimated Value of Your Notes—The estimated value of the Notes will not be a prediction of the prices at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Notes from you in secondary market transactions (if they are willing to purchase, which they are not obligated to do). The price at which you may be able to sell your Notes in the secondary market at any time will be influenced by many factors that cannot be predicted, such as market conditions, and any bid and ask spread for similar sized trades, and may be substantially less than our estimated value of the Notes. Further, as secondary market prices of your Notes take into account the levels at which our debt securities trade in the secondary market, and do not take into account our various costs related to the Notes such as fees, commissions, discounts, and the costs of hedging our obligations under the Notes, secondary market prices of your Notes will likely be lower than the initial issue price of your Notes. As a result, the price at which Barclays Capital Inc., other affiliates of ours or third parties may be willing to purchase the Notes from you in secondary market transactions, if any, will likely be lower than the price you paid for your Notes, and any sale prior to the Maturity Date could result in a substantial loss to you.

 

PS-13

 

·     The Temporary Price at Which We May Initially Buy The Notes in the Secondary Market And the Value We May Initially Use for Customer Account Statements, If We Provide Any Customer Account Statements At All, May Not Be Indicative of Future Prices of Your Notes—Assuming that all relevant factors remain constant after the Initial Valuation Date, the price at which Barclays Capital Inc. may initially buy or sell the Notes in the secondary market (if Barclays Capital Inc. makes a market in the Notes, which it is not obligated to do) and the value that we may initially use for customer account statements, if we provide any customer account statements at all, may exceed our estimated value of the Notes on the Initial Valuation Date, as well as the secondary market value of the Notes, for a temporary period after the initial Issue Date of the Notes. The price at which Barclays Capital Inc. may initially buy or sell the Notes in the secondary market and the value that we may initially use for customer account statements may not be indicative of future prices of your Notes.

 

·                  We and Our Affiliates May Engage in Various Activities or Make Determinations That Could Materially Affect the Notes in Various Ways and Create Conflicts of Interest—We and our affiliates play a variety of roles in connection with the issuance of the Notes, as described below. In performing these roles, our and our affiliates’ economic interests are potentially adverse to your interests as an investor in the Notes.

 

In connection with our normal business activities and in connection with hedging our obligations under the Notes, we and our affiliates make markets in and trade various financial instruments or products for our accounts and for the account of our clients and otherwise provide investment banking and other financial services with respect to these financial instruments and products. These financial instruments and products may include securities, derivative instruments or assets that may relate to the Reference Assets or their components. In any such market making, trading and hedging activity, and other financial services, we or our affiliates may take positions or take actions that are inconsistent with, or adverse to, the investment objectives of the holders of the Notes. We and our affiliates have no obligation to take the needs of any buyer, seller or holder of the Notes into account in conducting these activities. Such market making, trading and hedging activity, investment banking and other financial services may negatively impact the value of the Notes.

 

In addition, the role played by Barclays Capital Inc., as the agent for the Notes, could present significant conflicts of interest with the role of Barclays Bank PLC, as issuer of the Notes. For example, Barclays Capital Inc. or its representatives may derive compensation or financial benefit from the distribution of the Notes and such compensation or financial benefit may serve as incentive to sell the Notes instead of other investments. Furthermore, we and our affiliates establish the offering price of the Notes for initial sale to the public, and the offering price is not based upon any independent verification or valuation.

 

In addition to the activities described above, we will also act as the Calculation Agent for the Notes. As Calculation Agent, we will determine any values of the Reference Assets and make any other determinations necessary to calculate any payments on the Notes. In making these determinations, the Calculation Agent may be required to make discretionary judgements relating to the Reference Assets, including determining whether a market disruption event has occurred or whether certain adjustments to the Reference Assets or other terms of the Notes are necessary, as further described in the accompanying prospectus supplement. In making these discretionary judgments, our economic interests are potentially adverse to your interests as an investor in the Notes, and any of these determinations may adversely affect any payments on the Notes.

 

·                  Lack of Liquidity—The Notes will not be listed on any securities exchange. Barclays Capital Inc. and other affiliates of Barclays Bank PLC intend to make a secondary market for the Notes but are not required to do so, and may discontinue any such secondary market making at any time, without notice. Barclays Capital Inc. may at any time hold unsold inventory, which may inhibit the development of a secondary market for the Notes. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which Barclays Capital Inc. and other affiliates of Barclays Bank PLC are willing to buy the Notes. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.

 

·                  Tax Treatment—Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about your tax situation. See “Tax Considerations” below.

 

·                  Many Economic and Market Factors Will Impact the Value of the Notes—The value of the Notes will be affected by a number of economic and market factors that interact in complex and unpredictable ways and that may either offset or magnify each other, including:

 

o                the market prices of, dividend rate on and expected volatility of the Reference Assets and the components of each Reference Asset;

 

o                correlation (or lack of correlation) of the Reference Assets;

 

o                the time to maturity of the Notes;

 

o                interest and yield rates in the market generally;

 

o                a variety of economic, financial, political, regulatory or judicial events;

 

o                supply and demand for the Notes; and

 

o                our creditworthiness, including actual or anticipated downgrades in our credit ratings.

 

PS-14

 

INFORMATION REGARDING THE REFERENCE ASSETS

 

The United States Oil Fund, LP

 

We have derived all information contained in this pricing supplement regarding the United States Oil Fund from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, United States Commodity Funds LLC (the “general partner of the United States Oil Fund, LP”), formerly known as Victoria Bay Asset Management, LLC. Units of the United States Oil Fund trade on the NYSE Arca, Inc. (“NYSE Arca”) under the ticker symbol “USO.”

 

Information provided to or filed with the SEC by the United States Oil Fund, LP pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934 can be located by reference to SEC file numbers 333–153310 and 001–32834, respectively, through the SEC’s website at http://www.sec.gov. The United States Oil Fund is not a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder. For additional information regarding the United States Oil Fund and United States Commodity Funds LLC, please see United States Oil Fund, LP’s prospectus. In addition, information about the United States Oil Fund may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents and the website for the United States Oil Fund at www.unitedstatesoilfund.com. Information contained on such website is not incorporated by reference in, and should not be considered a part of, this pricing supplement.

 

The United States Oil Fund is a commodity pool that issues units that may be purchased and sold on the NYSE Arca. The United States Oil Fund LP was organized as a limited partnership under Delaware law on May 12, 2005 and began trading on the NYSE Arca on April 10, 2006. The general partner of the United States Oil Fund is a single member limited liability company formed in Delaware on May 10, 2005 that is registered as a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association. The general partner of the United States Oil Fund is also its investment adviser.

 

The investment objective of United States Oil Fund is for changes in percentage terms of the net asset value of the units of the United States Oil Fund to reflect the changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange (the “benchmark oil futures contract”) that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less the fund’s expenses. The United States Oil Fund seeks to achieve its investment objective by investing in futures contracts for light, sweet crude oil and other types of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the New York Mercantile Exchange, ICE Futures Exchange or other U.S. and foreign exchanges and other oil-related investments such as cash-settled options on oil futures contracts, forward contracts for oil, cleared swap contracts and over-the-counter transactions that are based on the price of crude oil, heating oil, gasoline, natural gas and other petroleum-based fuels, oil futures contracts and indices based on the foregoing.

 

PS-15

 

Historical Performance of the United States Oil Fund

 

The graph below sets forth the historical performance of the United States Oil Fund based on the daily Closing Values from January 2, 2014 through July 25, 2019. We obtained the Closing Values shown in the graph below from Bloomberg. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg.

 

Historical Performance of the United States Oil Fund, LP

 

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

 

PS-16

 

SPDR® S&P® Oil & Gas Exploration & Production ETF

 

We have derived all information contained in this pricing supplement regarding the Oil & Gas ETF from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by SPDR® Series Trust and SSgA Funds Management, Inc. (“SSgA FM”). The Oil & Gas ETF is an investment portfolio maintained and managed by SSgA FM. SSgA FM is the investment adviser to the Oil & Gas ETF. The Oil & Gas ETF is an exchange-traded fund that trades on the NYSE Arca, Inc. under the ticker symbol “XOP.”

 

The SPDR® Series Trust consists of separate investment portfolios (each, a “Series Fund”). Each Series Fund is an index fund that invests in a particular industry or group of industries represented by one of the S&P Select Industry Indices (the “Select Industry Indices” and each, a “Select Industry Index”). The companies included in each Select Industry Index are selected on the basis of Global Industry Classification Standards (“GICS”) from a universe of companies defined by the S&P® Total Market Index (the “S&P TM Index”). The S&P TM Index is a benchmark intended to track the performance of companies of all market capitalization in the U.S. equities market. The investment objective of each Series Fund is to provide investment results that, before expenses, correspond generally to the price and yield performance of an index derived from a particular industry or group of industries, as represented by the relevant Select Industry Index.

 

SPDR® Series Trust is a registered investment company that consists of numerous separate investment portfolios, including the Oil & Gas ETF. Information provided to or filed with the SEC by SPDR® Series Trust pursuant to the Securities Act of 1933 and the Investment Company Act of 1940 can be located by reference to SEC file numbers 333–57793 and 811–08839, respectively, through the SEC’s website at http://www.sec.gov. For additional information regarding SPDR® Series Trust, SSgA FM or the Oil & Gas ETF, please see the SPDR® Series Trust’s prospectus. In addition, information about SPDR® Series Trust, SSgA FM and the Oil & Gas ETF may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents and the SPDR® Series Trust website at https://www.spdrs.com. Information contained in the SPDR® Series Trust website is not incorporated by reference in, and should not be considered a part of, this pricing supplement.

 

Investment Objective

 

The Oil & Gas ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P® Oil & Gas Exploration & Production Select Industry Index® (the “Oil & Gas Index”). For more information about the Oil & Gas Index, please see “The S&P® Oil & Gas Exploration & Production Select Industry Index®” below.

 

Investment Strategy — Sampling

 

In seeking to track the performance of the Oil & Gas Index, the Oil & Gas ETF employs a “sampling” strategy, which means that the Oil & Gas ETF is not required to purchase all of the securities represented in the Oil & Gas Index. Instead, the Oil & Gas ETF may purchase a subset of the securities in the Oil & Gas Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Oil & Gas Index.

 

Under normal market conditions, the Oil & Gas ETF generally invests substantially all, but at least 80.00%, of its total assets in the securities included in the Oil & Gas Index. In addition, the Oil & Gas ETF may invest in equity securities that are not included in the Oil & Gas Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSgA FM).

 

Correlation and Tracking Error

 

The Oil & Gas Index is a theoretical financial calculation, while the Oil & Gas ETF is an actual investment portfolio. The performance of the Oil & Gas ETF and the Oil & Gas Index will vary somewhat due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. A figure of 100.00% would indicate perfect correlation. Any correlation of less than 100.00% is generally referred to as “tracking error.”

 

Disclaimer

 

The Notes are not sponsored, endorsed, sold or promoted by SPDR® Series Trust or SSgA FM. Neither the Select Sector Trust nor SSgA FM makes any representations or warranties to the owners of the securities or any member of the public regarding the advisability of investing in the securities. Neither the Select Sector Trust nor SSgA FM has any obligation or liability in connection with the operation, marketing, trading or sale of the Notes.

 

The S&P® Oil & Gas Exploration & Production Select Industry Index

 

The Oil & Gas Index is an equal-weighted index that is designed to measure the performance of the oil and gas exploration and production sub-industry portion of the S&P TM Index. The Oil & Gas Index includes companies in the exploration, production, refining and marketing of oil and gas. The Oil & Gas Index is reported by Bloomberg under the ticker symbol “SPSIBK.” For more information about the S&P Select Industry Indices, please see “The S&P Select Industry Indices” below.

 

PS-17

 

The S&P Select Industry Indices

 

To be eligible for inclusion in the Select Industry Indices, companies must be in the S&P TM Index, must be included in the relevant GICS sub-industry and must satisfy one of the two following combined size and liquidity criteria:

 

1.              float-adjusted market capitalization above US$500 million and float-adjusted liquidity ratio (“FALR”) above 90.00%; or

 

2.              float-adjusted market capitalization above US$400 million and float-adjusted liquidity ratio above 150.00%.

 

A number of companies in the S&P TM Index are represented by multiple share class lines. To determine eligibility for the Select Industry Indices, the float-adjusted market capitalization of each share class line of multiple class companies is combined to arrive at a company float-adjusted market capitalization figure. The liquidity of each individual share class line is evaluated independently based on the float-adjusted market capitalization of that individual line. If an individual share class line of a multiple share class company does not meet the liquidity criteria, the remaining share class line has its float-adjusted market capitalization reevaluated independently to ensure that it continues to meet the size criteria on its own.

 

All companies satisfying the above requirements are included in a Select Industry Index. The total number of companies in each Select Industry Index should be at least 35. If there are fewer than 35 companies in a Select Industry Index, companies from a supplementary list of highly correlated sub-industries, that meet the market capitalization and liquidity thresholds above, are included in order of their float-adjusted market capitalization to reach 35 companies. Minimum market capitalization requirements may be relaxed to ensure there are at least 22 companies in each Select Industry Index as of each rebalancing effective date.

 

Existing index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below US$300 million or their FALR falls below 50.00%.

 

To be eligible for inclusion in a Select Industry Index, a company must also meet the following requirements:

 

Market Capitalization. Float-adjusted market capitalization should be at least US$400 million for inclusion in a Select Industry Index. Existing index components must have a float-adjusted market capitalization of US$300 million to remain in the applicable Select Industry Index at each rebalancing.

 

Liquidity. The liquidity measurement used is a liquidity ratio, defined as dollar value traded over the previous 12-months divided by the float-adjusted market capitalization as of the applicable Select Industry Index rebalancing reference date.

 

Constituents having a float-adjusted market capitalization above US$500 million must have a liquidity ratio greater than 90.00% to be eligible for addition to a Select Industry Index. Constituents having a float-adjusted market capitalization between US$400 and US$500 million must have a liquidity ratio greater than 150.00% to be eligible for addition to a Select Industry Index. Existing index constituents must have a liquidity ratio greater than 50.00% to remain in the applicable Select Industry Index at the quarterly rebalancing. The length of time to evaluate liquidity is reduced to the available trading period for IPOs or spin-offs that do not have 12 months of trading history. In these cases, the dollar value traded available as of the rebalance reference date is annualized.

 

Takeover Restrictions. At the discretion of S&P Dow Jones Indices LLC, constituents with shareholder ownership restrictions defined in company bylaws may be deemed ineligible for inclusion in a Select Industry Index. Ownership restrictions preventing entities from replicating the index weight of a company may be excluded from the eligible universe or removed from the applicable Select Industry Index.

 

Turnover. S&P Dow Jones Indices LLC believes turnover in index membership should be avoided when possible. At times a company may appear to temporarily violate one or more of the addition criteria. However, the addition criteria are for addition to a Select Industry Index, not for continued membership. As a result, an index constituent that appears to violate criteria for addition to a Select Industry Index will not be deleted unless ongoing conditions warrant a change in the composition of the applicable Select Industry Index.

 

Sector Classification. A Select Industry Index includes companies in the applicable GICS sub-industries set forth above.

 

The membership to the Select Industry Indices is reviewed quarterly. Re-balancings occur after the closing on the third Friday of the quarter ending month. The reference date for additions and deletions is after the closing of the last trading date of the previous month. Closing Values as of the second Friday of the last month of the quarter are used for setting index weights.

 

Companies are added between rebalancings only if a deletion in the applicable Select Industry Index causes the stock count to fall below 22. In those cases, each company deletion is accompanied with a company addition. The new company will be added to the applicable Select Industry Index at the weight of the deleted company. In the case of mergers involving at least one index constituent, the merged company will remain in the applicable Select Industry Index if it meets all of the eligibility requirements. The merged company will be added to the applicable Select Industry Index at the weight of the pre-merger index company. If both companies involved in a merger are index constituents, the merged company will be added at the weight of the company deemed the acquirer in the transaction. In the case of spin-offs, the applicable Select Industry Index will follow the S&P TM Index’s treatment of the action. If the S&P TM Index treats the pre- and post-spun company as a deletion/addition action, using the stock’s when-issued price, the applicable Select Industry Index will treat the spin-off this way as well.

 

A company is deleted from the applicable Select Industry Index if the S&P TM Index drops the company. If a company deletion causes the number of companies in the relevant index to fall below 22, each company deletion is accompanied with a corresponding company addition. In case of GICS changes, where a company does not belong to a qualifying sub-industry after the classification change, it is removed from the applicable Select Industry Index at the next rebalancing.

 

PS-18

 

Historical Performance of the Oil & Gas ETF

 

The graph below sets forth the historical performance of the Oil & Gas ETF based on the daily Closing Values from January 2, 2014 through July 25, 2019. We obtained the Closing Values of the Reference Asset shown in the graph below from Bloomberg. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg.

 

Historical Performance of the SPDR® S&P® Oil & Gas Exploration & Production ETF

 

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

 

PS-19

 

TAX CONSIDERATIONS

 

You should review carefully the sections entitled “Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders—Notes Treated as Prepaid Forward or Derivative Contracts with Associated (Contingent) Coupons” and, if you are a non-U.S. holder, “—Tax Consequences to Non-U.S. Holders,” in the accompanying prospectus supplement. The following discussion supersedes the discussion in the accompanying prospectus supplement to the extent it is inconsistent therewith.

 

In determining our reporting responsibilities, if any, we intend to treat (i) the Notes for U.S. federal income tax purposes as prepaid forward contracts with associated contingent coupons and (ii) any contingent coupon payments as ordinary income, as described in the section entitled “Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders—Notes Treated as Prepaid Forward or Derivative Contracts with Associated (Contingent) Coupons” in the accompanying prospectus supplement. Our special tax counsel, Davis Polk & Wardwell LLP, has advised that it believes this treatment to be reasonable, but that there are other reasonable treatments that the Internal Revenue Service (the “IRS”) or a court may adopt.

 

Sale, exchange or redemption of a Note. Assuming the treatment described above is respected, upon a sale or exchange of the Notes (including redemption upon an automatic call or at maturity), you should recognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in the Notes, which should equal the amount you paid to acquire the Notes (assuming contingent coupon payments are properly treated as ordinary income, consistent with the position referred to above). This gain or loss should be long-term capital gain or loss if you hold the Notes for more than one year, whether or not you are an initial purchaser of the Notes at the issue price. The deductibility of capital losses is subject to limitations. If you sell your Notes between the time your right to a contingent coupon payment is fixed and the time it is paid, it is likely that you will be treated as receiving ordinary income equal to the contingent coupon payment. Although uncertain, it is possible that proceeds received from the sale or exchange of your Notes prior to a determination date but that can be attributed to an expected contingent coupon payment could be treated as ordinary income. You should consult your tax advisor regarding this issue.

 

As noted above, there are other reasonable treatments that the IRS or a court may adopt, in which case the timing and character of any income or loss on the Notes could be materially affected. In addition, in 2007 the U.S. Treasury Department and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments and the relevance of factors such as the nature of the underlying property to which the instruments are linked. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially affect the tax consequences of an investment in the Notes, possibly with retroactive effect. You should consult your tax advisor regarding the U.S. federal income tax consequences of an investment in the Notes, including possible alternative treatments and the issues presented by this notice.

 

Non-U.S. holders. Insofar as we have responsibility as a withholding agent, we do not currently intend to treat contingent coupon payments to non-U.S. holders (as defined in the accompanying prospectus supplement) as subject to U.S. withholding tax. However, non-U.S. holders should in any event expect to be required to provide appropriate Forms W-8 or other documentation in order to establish an exemption from backup withholding, as described under the heading “—Information Reporting and Backup Withholding” in the accompanying prospectus supplement. If any withholding is required, we will not be required to pay any additional amounts with respect to amounts withheld.

 

Treasury regulations under Section 871(m) generally impose a withholding tax on certain “dividend equivalents” under certain “equity linked instruments.” A recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2021 that do not have a “delta of one” with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying Security”). Based on our determination that the Notes do not have a “delta of one” within the meaning of the regulations, our special tax counsel is of the opinion that these regulations should not apply to the Notes with regard to non-U.S. holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax advisor regarding the potential application of Section 871(m) to the Notes.

 

You should review the section entitled “Material U.S. Federal Income Tax Consequences—Tax Consequences to Non-U.S. Holders—Foreign Account Tax Compliance Withholding” in the accompanying prospectus supplement. The discussion in that section is modified to reflect regulations proposed by the U.S. Treasury Department indicating an intent to eliminate the requirement under FATCA of withholding on gross proceeds (other than amounts treated as interest or other “fixed or determinable, annual or periodical” income) of the disposition of financial instruments. The U.S. Treasury Department has indicated that taxpayers may rely on these proposed regulations pending their finalization.

 

PS-20

 

SUPPLEMENTAL PLAN OF DISTRIBUTION

 

We have agreed to sell to Barclays Capital Inc. (the “Agent”), and the Agent has agreed to purchase from us, the principal amount of the Notes, and at the price, specified on the cover of this pricing supplement. The Agent commits to take and pay for all of the Notes, if any are taken.

 

We expect that delivery of the Notes will be made against payment for the Notes on the Issue Date indicated on the cover of this pricing supplement, which is more than two business days following the Initial Valuation Date. Under Rule 15c6–1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to two business days before delivery will be required, by virtue of the fact that the Notes will initially settle in more than two business days, to specify alternative settlement arrangements to prevent a failed settlement. See “Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement.

 

The Notes are not intended to be offered, sold or otherwise made available to and may not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA Retail Investor”). For these purposes, an EEA Retail Investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended from time to time, “MiFID”); (ii) a customer within the meaning of Directive 2002/92/EC (as amended from time to time), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended from time to time, including by Directive 2010/73/EU). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended from time to time, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to EEA Retail Investors has been prepared and therefore offering or selling such Notes or otherwise making them available to any EEA Retail Investor may be unlawful under the PRIIPs Regulation.

 

VALIDITY OF THE NOTES

 

In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to Barclays Bank PLC, when the Notes offered by this pricing supplement have been executed and issued by Barclays Bank PLC and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated herein, such Notes will be valid and binding obligations of Barclays Bank PLC, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors’ rights, provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by English law, Davis Polk & Wardwell LLP has relied, with Barclays Bank PLC’s permission, on the opinion of Davis Polk & Wardwell London LLP, dated as of August 20, 2018, filed as an exhibit to a report on Form 6-K by Barclays Bank PLC on August 20, 2018, and this opinion is subject to the same assumptions, qualifications and limitations as set forth in such opinion of Davis Polk & Wardwell London LLP. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the Notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of Davis Polk & Wardwell LLP, dated August 20, 2018, which has been filed as an exhibit to the report on Form 6-K referred to above.

 

PS-21

 GRAPHIC 2 g1332215bai001.gif GRAPHIC begin 644 g1332215bai001.gif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g1332215bai002.gif GRAPHIC begin 644 g1332215bai002.gif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g1332215bei001.jpg GRAPHIC begin 644 g1332215bei001.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# H'!PD'!@H)" D+"PH,#QD0#PX. M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_ MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T] M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P 1" &O J8# 2( A$! Q$!_\0 M'P 04! 0$! 0$ $" P0%!@<("0H+_\0 M1 @$# P($ P4% M! 0 %] 0(# 01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#U.:;4)M7F MM;2>UBCB@CD)E@:0DLT@ZAUP/D'YT[R=8_Y_K#_P"?\ ^.T0?\C)>_\ 7I;_ M /H3K'_/]8?\ @$__ ,=H\G6/^?ZP M_P# )_\ X[6C10!G>3K'_/\ 6'_@$_\ \=H\G6/^?ZP_\ G_ /CM:-% &=Y. ML?\ /]8?^ 3_ /QVCR=8_P"?ZP_\ G_^.UHT4 9WDZQ_S_6'_@$__P =H\G6 M/^?ZP_\ )__ ([6C10!G>3K'_/]8?\ @$__ ,=H\G6/^?ZP_P# )_\ X[6C M10!G>3K'_/\ 6'_@$_\ \=H\G6/^?ZP_\ G_ /CM:-% &=Y.L?\ /]8?^ 3_ M /QVCR=8_P"?ZP_\ G_^.UHT4 9WDZQ_S_6'_@$__P =H\G6/^?ZP_\ )__ M ([6C10!G>3K'_/]8?\ @$__ ,=H\G6/^?ZP_P# )_\ X[6C10!G>3K'_/\ M6'_@$_\ \=H\G6/^?ZP_\ G_ /CM:-% &=Y.L?\ /]8?^ 3_ /QVCR=8_P"? MZP_\ G_^.UHT4 9WDZQ_S_6'_@$__P =H\G6/^?ZP_\ )__ ([6C10!G>3K M'_/]8?\ @$__ ,=H\G6/^?ZP_P# )_\ X[6C10!G>3K'_/\ 6'_@$_\ \=H\ MG6/^?ZP_\ G_ /CM:-% &=Y.L?\ /]8?^ 3_ /QVCR=8_P"?ZP_\ G_^.UHT M4 9WDZQ_S_6'_@$__P =H\G6/^?ZP_\ )__ ([6C10!G>3K'_/]8?\ @$__ M ,=H\G6/^?ZP_P# )_\ X[6C10!G>3K'_/\ 6'_@$_\ \=H\G6/^?ZP_\ G_ M /CM:-% &=Y.L?\ /]8?^ 3_ /QVCR=8_P"?ZP_\ G_^.UHT4 9WDZQ_S_6' M_@$__P =H\G6/^?ZP_\ )__ ([6C10!G>3K'_/]8?\ @$__ ,=H\G6/^?ZP M_P# )_\ X[6C10!G>3K'_/\ 6'_@$_\ \=H\G6/^?ZP_\ G_ /CM:-% &=Y. ML?\ /]8?^ 3_ /QVCR=8_P"?ZP_\ G_^.UHT4 9WDZQ_S_6'_@$__P =H\G6 M/^?ZP_\ )__ ([6C10!G>3K'_/]8?\ @$__ ,=H\G6/^?ZP_P# )_\ X[6C M10!G>3K'_/\ 6'_@$_\ \=H\G6/^?ZP_\ G_ /CM:-% &=Y.L?\ /]8?^ 3_ M /QVCR=8_P"?ZP_\ G_^.UHT4 9WDZQ_S_6'_@$__P =H\G6/^?ZP_\ )__ M ([6C10!G>3K'_/]8?\ @$__ ,=H\G6/^?ZP_P# )_\ X[6C10!G>3K'_/\ M6'_@$_\ \=H\G6/^?ZP_\ G_ /CM:-% &=Y.L?\ /]8?^ 3_ /QVCR=8_P"? MZP_\ G_^.UHT4 9WDZQ_S_6'_@$__P =H\G6/^?ZP_\ )__ ([6C10!G>3K M'_/]8?\ @$__ ,=H\G6/^?ZP_P# )_\ X[6C10!G>3K'_/\ 6'_@$_\ \=H\ MG6/^?ZP_\ G_ /CM:-% &=Y.L?\ /]8?^ 3_ /QVCR=8_P"?ZP_\ G_^.UHT M4 9WDZQ_S_6'_@$__P =H\G6/^?ZP_\ )__ ([6C10!G>3K'_/]8?\ @$__ M ,=H\G6/^?ZP_P# )_\ X[6C10!G>3K'_/\ 6'_@$_\ \=H\G6/^?ZP_\ G_ M /CM:-% &=Y.L?\ /]8?^ 3_ /QVCR=8_P"?ZP_\ G_^.UHT4 4-+N+J9[V* M\>%WMYQ&&BC* @QH_0LW.6/>BFZ9_P ?^K_]?:_^B(J* "#_ )&2]_Z]+?\ M]#FK1K.@_P"1DO?^O2W_ /0YJT: "BBB@ HHHH ***P?$>O2:6UM!:>2T\DT M7F^8>(XFD"D_4YP/Q/:@#>HK!LM2O?[;>'4/,@BEFDCM4,2A9 O?=DG. 3R M*TM0U6TTJ(2WTWE1X)WE20 .N2!Q^- %RBL[_A(-+_Y_(_UH_P"$@TO_ )_8 M_P!: -&BL[_A(-+_ .?V/]:/^$@TO_G]C_6@#1HK._X2#2_^?V/]:/\ A(-+ M_P"?V/\ 6@#1HK._X2#2_P#G]C_6C_A(-+_Y_8_UH T:*SO^$@TO_G]C_6C_ M (2#2_\ G]C_ %H T:*SO^$@TO\ Y_8_UH_X2#2_^?V/]: -&BL[_A(-+_Y_ M8_UH_P"$@TO_ )_8_P!: -&BL[_A(-+_ .?V/]:/^$@TO_G]C_6@#1HK._X2 M#2_^?V/]:/\ A(-+_P"?V/\ 6@#1HK._X2#2_P#G]C_6C_A(-+_Y_8_UH T: M*SO^$@TO_G]C_6C_ (2#2_\ G]C_ %H T:*SO^$@TO\ Y_8_UH_X2#2_^?V/ M]: -&BL[_A(-+_Y_8_UH_P"$@TO_ )_8_P!: -&BL[_A(-+_ .?V/]:/^$@T MO_G]C_6@#1HK._X2#2_^?V/]:/\ A(-+_P"?V/\ 6@#1HK._X2#2_P#G]C_6 MC_A(-+_Y_8_UH T:*SO^$@TO_G]C_6C_ (2#2_\ G]C_ %H T:*SO^$@TO\ MY_8_UH_X2#2_^?V/]: -&BL[_A(-+_Y_8_UH_P"$@TO_ )_8_P!: -&BL[_A M(-+_ .?V/]:/^$@TO_G]C_6@#1HK._X2#2_^?V/]:/\ A(-+_P"?V/\ 6@#1 MHK._X2#2_P#G]C_6C_A(-+_Y_8_UH T:*SO^$@TO_G]C_6C_ (2#2_\ G]C_ M %H T:*SO^$@TO\ Y_8_UH_X2#2_^?V/]: -&BL[_A(-+_Y_8_UH_P"$@TO_ M )_8_P!: -&BL[_A(-+_ .?V/]:/^$@TO_G]C_6@#1HK._X2#2_^?V/]:/\ MA(-+_P"?V/\ 6@#1HK._X2#2_P#G]C_6C_A(-+_Y_8_UH T:*SO^$@TO_G]C M_6C_ (2#2_\ G]C_ %H T:*SO^$@TO\ Y_8_UH_X2#2_^?V/]: -&BL[_A(- M+_Y_8_UH_P"$@TO_ )_8_P!: -&BL[_A(-+_ .?V/]:/^$@TO_G]C_6@#1HK M._X2#2_^?V/]:/\ A(-+_P"?V/\ 6@#1HK._X2#2_P#G]C_6C_A(-+_Y_8_U MH T:*SO^$@TO_G]C_6C_ (2#2_\ G]C_ %H T:*SO^$@TO\ Y_8_UH_X2#2_ M^?V+]: -&BBB@#.TS_C_ -7_ .OM?_1$5%&F?\?^K_\ 7VO_ *(BHH (/^1D MO?\ KTM__0YJT:SH/^1DO?\ KTM__0YJT: "BBB@ HHHH *I:AI%CJBJ+RVC MD*LK!BHW#:P8<^F15VB@"A%H]M%?"Z'F,RLSQJ[DK&S?>*CMG)_.JGC#_D4- M4_Z]V_E6U6+XP_Y%#5/^O=OY4 ;5%%% !1110 4444 %%%% !1110 4444 % M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44 M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 M0 4444 %%%% !1110 4444 %%%% !1110 5F^(/^0%=_[G]16E6;X@_Y 5W_ M +G]10!I4444 9VF?\?^K_\ 7VO_ *(BHHTS_C_U?_K[7_T1%10 0?\ (R7O M_7I;_P#HFWBZE:0R6[JMK?W%TUQD;75P^T#G.?W M@SQ_"?:K/C>&67PIJ#1W,D(2!RRJJD/QT.0?TKH*Q?&'_(H:I_U[M_*@"X+* MZ&/^)G<'&/\ EG'SQ_N_C^%'V*Z_Z"=Q_P!^X_3']WUYJ]10!1-E=<_\3.X' M7_EG'Z8_N_C0;*Z.<:G<#.?^6H0 M@'\>?\ =_#\*O44 M 41970QG4[@XQG]W'SU_V>_]*!977_03N#T_Y9Q^F/[OKS5ZB@"C]BNL?\A. MXZ?\\X_3']WUY_\ K4&RNCG&IW Z_P#+./T_W>W7\:O44 43971SC4[@9SC] MW'QT_P!GM_6E-E=$G_B97 ]O+C]<_P!WTXJ[10!2^QW6<_VE/CT\N/US_=]. M/_KT"RNAMSJ4YQC/[N/GG/\ =_#\*NT4 41970VYU.X.,9_=Q\]<_P /?/Z4 M"RNA_P Q.X/3_EG'Z8_N^O-7J* */V*ZQ_R$[CIU\N/TQ_=]>?\ ZU!LKH]- M3N!U_P"6HH M H_8KK'_ "$[CI_SSC],?W?7G_ZU!LKH_P#,3N!U_P"6G_+./T_W?Q_"KU% %'[%=8_Y"=QT_P">:#977_03N!_VSC],?W?7FKU% %$V5THH HBRNL?\A.X_[]Q^F/[OKS1]BNO^@GY9[^:10O*,D8!^;V7/M6Y6;X@_P"0%=_[ MG]10!I4444 9VF?\?^K_ /7VO_HB*BC3/^/_ %?_ *^U_P#1$5% !!_R,E[_ M ->EO_Z'-6C6=!_R,E[_ ->EO_Z'-6C0 4444 %%%% !1110 5B^,/\ D4-4 M_P"O=OY5M5B^,/\ D4-4_P"O=OY4 ;5(2 "3T%+6??Q2W=S%!#9M> M9:U!A]G$6[#3,(P,\D$\X_#)J.QLYK=QYSHRQIY<97^[G//X8'X5%8--=SQS M7$94VZ&,EEP67VFVWVVVE"P0@;D\K<#SRSGL@7TY_E6W5&^T:TU M&0/-KNWM_"U_%-,D;S0,L88XW'VK1AT>S@O/M*(V\%F4%R50M]XJI. 3[ M5!XH=8_#.H.YPBPDM].]" G&M::<'[;!@X_C'<9'Z U5LM8T\M/-)?0L[2,H M)<<*,D ?AS^-3:G&]\MM!#*465LR ?Q1[3D'\_SQ5Z"%;>%8DSM4=2X@EE^4HH#C\CFKEY8>=:+%:LL M$B$>7(!R@R,X^HXJA;6S:/=0"1M\3U+IUK3AR M;V#U^^/3/\N:#K6G+G-[ ,9S\X[8)_F*O45D:%$ZUIRYS>P#&<_..,<'^8H. MLZ<"0;V#(_VQZX_GQ5ZB@"B-9TXD 7L&3_MCUQ_/B@:UIS8Q>P'.,?..<]/Y M&KU% %$:UIS8Q>P'.,?.._(_D:!K6G$9^VP>OWQZ9_ES5ZB@"B=:TX#/VV#U M^^/3/\N:#K6G+G-[ ,9S\X[8)_F*O44 46UG3EW;KV ;P#&<_..PR?T(J]10!1.M:P#K_&.PR?T(J]10!1;6M.7=NO8!MSGYQQC&?YC\ MZ4ZSIRYS>0#&<_..,''\R!5VB@"E_;&GYQ]LASZ;QZ[?Y\4@UG3FVXO8#NP! M\XYR<#]0:O44 45UK3FQMO8#NQCYQSG./Y&@:UIQZ7L'./XQW&1^@-7J* */ M]M:=C/VV#&,_?'IN_ES0=:TX=;V#O_&.PR?T-7J* *+:UIRYW7L VYS\XXQC M/\Q0=9TYP'.,?..XR/T!J]10! M1_MK3B,_;8,=?OCTS_+F@ZUIPZWL'_?8],_RYJ]10!1.M:HH I?VSIVF?YN/Y\4?VUIQX^VP?\ ?8]< M?SXJ]10!1&M:F?YP#&<_..W)_F*#K6G+G M-[ ,9S\X[=?YBKU% %$ZUIPSF]@XSGYQZX_G5'6]5L9M'N8XKJ%G91]G;^5;58OC#_ )%#5/\ KW;^5 %O3H)8IKCSD VD1QM_ M>0%6JKWT32V M4BJP5@ P)&1D'/\ 2G'<3V+%%,AD\Z".3&-ZAL?44^D,**** "BBB@ HHHH M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB MB@ HHHH **** "BBB@ K-\0?\@*[_P!S^HK2K-\0?\@*[_W/ZB@#2HHHH SM M,_X_]7_Z^U_]$144:9_Q_P"K_P#7VO\ Z(BHH (/^1DO?^O2W_\ 0YJT:SH/ M^1DO?^O2W_\ 0YJT: "BBB@ HHHH *KW&H6EI-'%<7,,4DIPBNX!;Z#\:L5S MWBJ&2YM9;>WM)GN)8U\N2.,,LA#9$;GJJYY)X[X- &PFH6DEX]HES"UR@RT0 M<%A^'XC\ZSO&'_(H:I_U[M_*LVQL;L:E90R6TJ26U_-XYW\*:@89UB58'WJ8]VX8^O% '0451%MJ'&=00],_Z./3Z^M'V; M4,?\A!/_ ''I]?7F@"]15$VVHHJB;:_P"<7Z#KC_1QZ\=_2C[-?Y_X_P!/_ <>OU].* +U%41;7_&;].W_ M "[CU^OIQ0+;4!C-^AZ9_P!''/KW^E %ZFR+OC91U((JF+;4.,Z@AZ9_T<>G MU]:/LVH8_P"0@G_@./3Z^O- &?I<]_!>06MTKE2N&8@;5;RU.T?0AOSK>K"U M@:C9VL=PMVDACE7CR!P#\I/7W)JZL-]+&'CU&,JXRI%N#P0,=_\ .:N>MI$Q MTT-"BJ)MK\YQ?H,YQ_HXX]._UH-M?Y.+]/\ P''K]?3BH*+U%41;7^1F_3'_ M %[CU^OIQ0+:_&,WZ'&,_P"CCGU[_2@"]15$6VH#&=00],_Z..?7O]*/LVH8 M_P"0@G_@./3Z^O- %ZBJ)MM0Q_R$$_\ <>GU]>:#;:@OU].* +U%4 MOLU_G_C^3'IY ]<^OIQ^M(+:_&W-^AQC/[@<\\]_3 H O451%M?C;F_0XQG_ M $<<]<]^_'Y4"VO^]^AZ?\NX].>_KS0!>HJC]FU#'_'^FOKS^E!M MK_M?H.O_ "[CTX[^N30!>HJBUM?G=MOT&GD#USZ^G'ZT@MK\;N>_T_*@6VH<9OT/3_EW'ISW]>: +U%4?LVH8_Y""9Q_ MS[CTQZ^O/Z4&VU#M?H.O_+N/3COZ\T 7J*HFVU [L7Z#.HJB+;4!C-^AQC/^CCGKGO\ 3\J!;7XQF_0]/^7<>G/?UYH O451^S:A MC_D()T_Y]QZ?7UYH-MJ';4$[_P#+N/3Z^O- %ZBJ)MM0.<7Z#.G/?Z4 7J*H_9M0Q M_P A!/\ P''I]?7F@VVH=M03_P !QZ?7UYH O451-MJ!SC4$'7'^CCCT[_6@ MVVH'.+]!UQ_HXX]._P!: +U%4?LU_D_Z>G_@./7Z^G%'V:_S_P ?Z?\ @./7 MZ^G% %ZBJ(MK\8S?H>F?]''/KW^E MM0&,WZ'IG_ $GU]>: +U%43;:@[?RH VJ*** "BBB@ HH MHH **** "BBB@!" 1@C-8NB7-PUP\$PVI'&$5?0KCG\0P_*MNJLWRZC;$=65 MP?IP?Z547HT2UJF6J***DH**** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "LWQ!_P @ M*[_W/ZBM*LWQ!_R KO\ W/ZB@#2HHHH SM,_X_\ 5_\ K[7_ -$144:9_P ? M^K_]?:_^B(J* "#_ )&2]_Z]+?\ ]#FK1K.@_P"1DO?^O2W_ /0YJT: "BF2 MRQP1/+,ZQQH"S.QP%'J37/K\0?#3SB(:K&,G D*,(R?]\C;^M '1T4BL'4,I M!4C((/!%+0 445A>(]1U'3@LMFUN$V@1Q.I>2YE+<1J 1@8[\]<] : -VL7Q MA_R*&J?]>[?RIECJEZVM20:@&MXI)9([5&A $@7N&W$YP">0..E,\;WD%MX4 MU!)GVM+ X0;2F?3TH M O451.LV(S^^/'_3-O3/IZ4'6;$9S,>,Y_=MVZ]O>@"]15$ZS9#.9CQG/R-V M./3WH_MBRSCSC_WPWKCT]: +U%41K-D<8F//^PWKCT]:!K-BV,3'G&/W;=^G M;VH O451&LV)QB8\X_Y9MW&?3VH_MFQ_Y['_ +]MZ9]/2@"]5&]G2#4++S#] M]F1?J<4'6;$?\MCZ_P"K;TSZ>E4-4O;&WO0=8L@2/./'^PWKCT]:DHO451&L61('G'G_ &&] M<>GK0-9LFQB8\XQ\C=^G;VH O451&LV)QB8\XQ^[;OR.WM0-9L2,^E!UFQ&XH O451;6+)=V9C M\N<_(W;&>WN*#K%D"09CQ_L-ZX]/6@"]15+^V+(G'G'/^XWKCT]:0:Q9-C$Q MYQCY&[G [>U %ZBJ(UFQ;&)CSC'[MN^<=O8T#6;$_P#+8]C_ *MO3/IZ4 7J M*H_VS8@9\X],_P"K;TSZ>E!UFQ&WO0!>HJB=9LEW9F/RYS^[ M;MC/;W%!UBR!(,QR/]AO7'IZF@"]15+^U[+./..?]QO7;Z>M(-8LFVXF/S8 M^1NYQZ>HH O451&LV3;<3'YL8_=MWSCM[&@:S9'I,>Q^XW<9]/04 7J*H_VS M8XSYQQC/^K;TW>GI0=9LAUF/?^!NPR>WH: +U%46UFR7=F8_+G/R-VQGM[B@ MZQ9+G,QXSGY&[''IZF@"]15+^U[+./..?]QO7;Z>M(-8LFVXF/S8 ^1NYQZ> MHH O45176;%MN)C\V,?NV[YQV]C0-9L3C$QYQ_RS;N,^GH* +U%4?[9L<9\X M],_ZMO3/IZ4'6;$=9CW_ .6;=AGT]#0!>HJB=9L5W9F/RYS^[;MC/;W%!UBR M&GJ: +U%4O[8LLX\XY_W&]<>GK2#6+(XQ,><8^1NYQZ>HH O4 M51&LV+8Q,?FQCY&[YQV]C0-9LFQB8\X_@;N,CMZ"@"]15'^V;'&?./3/^K;T MSZ>E!UFQ'_+8]_\ EFWIGT]* +U%43K-BNXH.LV0SF8\9S\ MC=CCT]Z +U%4?[8LLX\XY_W&]<>GK0-9LCC$QY_V&]<>GK0!>HJB-9L6QB8\ MXQ\C=\X[>QH&LV)QB8\X_P"6;=QGT]J +U%4?[9L<9\X],_ZMO3/IZ4'6;$? M\MC_ -^V],^GI0!>HJB=9L1G,QXSG]VW;GT]Z#K-B,YF/&<_(W;KV]Z +U%4 M3K%D"1YQX_V&]<>GK1_;-D?^6QY_V&]<>GK0!>HJB-9L3C$QYQCY&[\>GM0- M9L3C$QYQC]VW?IV]J +U%41K-B1GSC_W[;TSZ>E']LV(_P"6Q_[]MZ9]/2@" M]15$ZS8C.9CQG/[MNW/I[T'6;),_P #>N/3UJAK>J6DVCW,<(3=F%A$)@"F['&<\?G7$V"^-KO4K&:YC,5LQ\ MJ6WG">6(E3#-(!_$S'C'IV%>A3P175O)!/&LD4BE71AD,#U!KBH-%\%SZN^G M1WDLLL/:@#MT"A%" !0. .F*=3418T5$4*JC Z M4Z@ K-O-%BO-2COOM%S%/'&8U,;# !.3@$'!/*^%UNF=D9 MGC1WW+&S?>*_7)_/C%5/&'_(H:I_U[M_*MJL7QA_R*&J?]>[?RH VJ*** "B MBB@ HHHH **** "BBB@ J"]0R64RK]XH=OU[?K4]%"T C@E$]O'*!@.H;![9 M%255TTYTVW_ZYBK5-Z,2V"BBBD,**** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *SO$'_("N M_P#<_J*T:S?$'_("N_\ <_J* -*BBB@#.TS_ (_]7_Z^U_\ 1$5%&F?\?^K_ M /7VO_HB*B@ @_Y&2]_Z]+?_ -#FK1K.@_Y&2]_Z]+?_ -#FK1H *\MT^STN M/Q5!J$4MSY=QJ[PBR,T?R2)YF)"N-V-Q8%S@@=F4444 %%%5+ MS5;'3Y(X[RZBA>7[H=L9Y S],D<^] %NL7QA_P BAJG_ %[M_*M"/4[.6^:S MCN8VN4SF,'GC&?RR/SK/\8?\BAJG_7NW\J -JBBB@ HHHH **** "BBB@ HH MHH **** *&FW"G?:C[\&<_3PDLO$<]VS$PW7R*">AP&_+AOSK M:JYI7T)C>VH4445!04452M]5M;FX>%'^=79.>A(QT_/]#32;%=(NT5"EW \K M1K*I=&=2?3A(;Q;9S#Y:Y;?M M.,#UKE?!>LO:7<^G36FOR02S)]EFO;20E04&_Y/F#CMM-6O&\,TGA34&BN6A58'W*$4[^.G(X_"N@K%\8?\ M(H:I_P!>[?RH N"RO!C.IRGI_P LDYX^E'V*\Q_R$Y?^_2>F/3UYJ]10!1-E M><_\3.4?]LD]/IZ\T&SO#G&I2C.?^62HH HBSN\C_B92G_MDGK]/3B@6=X,9U*4XQG]T MG/Z?YQ5ZB@"B+*\&,ZG*>G_+).>/I1]BO/\ H)R_]^D],>GKS5ZB@"B;*\_Z M"O-!L[PYQJN?3TXJS=H9+.=!U:-@/RJ"WOH+O3/.B<% M?*W'U''<55KHGJ4+"\DU&8I!J-P0%WAC#& PW?3N"/PQ5X6=X,9U*4XQG]TG M/Z?YQ6'I8.BZ9;74P(\W:H_X%$@Q_P!])70:?X*R*\HK,LI?8[O/_(2EQZ>4GKGT].*06=V,9U*4XQG]TG//T_#\*O44 419W@QG M4I3C&?W2<]<]N_\ 2@6=Y_T$I>W_ "R3TQZ>O-7J* */V*\Q_P A.7I_SR3T MQZ>O-!L[PYQJ4HZ_\LD]![=NOXU>HH HFSO#NQJ4HSG'[I..F.W;^M!L[LDX MU*4#T\I/7/IZ<5>HH I?8[O.?[1EQZ>4GKGT].*06=V-N=2E.,9_=)SSGT]. M/PJ]10!1%G>#;G4I3C&?W2<]<]N_'Y4"SO!_S$I3T_Y9)Z8]/7FKU% %'['> M8_Y"4O3_ )Y)Z8]/7F@V=X>FI2CK_P LD]/IVZ_C5ZB@"BUG>'=C4I1G./W2 M<=,=NW/YT&SNSG&I2C.G%7J* *7V.[SG^T9<>GE)ZY]/3BD%G=C M;G4I3C&?W2<\Y]/3C\*O44 45L[P;GT_'\*O44 4?L5YC_D)R]/^>2>F/3UYH-G>?\ 02E'7_EDGICT]>:O44 4 M39WASC4I1G./W2<=,=NW]:#9W9SC4I1G./W2<G%7J* **V=X,9U*4XQG]TG/7/;O_ $H% MG>#&=2E/3_EDGI]/QJ]10!1^Q7F/^0G+T_YY)Z8]/7F@V=Y_T$I>_P#RR3TQ MZ>O-7J* *)L[PYQJN?3TXJ]10!1%G>#&=2E.,9_=)S^G^ M<4"SO!C.I2GI_P LD]/I_G%7J* */V*\Q_R$Y>G_ #R3TQZ>O-!LKS_H)R_] M^D],>GKS5ZB@"B;.\.<:G*,Y_P"62N?3TXH^QWF?^0E+_P!^D]<^GIQ5ZB@"B+.\&,ZE*<8S M^Z3G]/\ .*!9W@QG4Y3C'_+).?T_SBKU% %$65Y_T$Y?^_2>F/3UYH^Q7G_0 M3E_[])Z8]/7FKU% %$V=XHH HFSO.?^)E*.O\ RR3U^GX51UNUN4T>Y9[^210O*F-!GYO8?A6Y6;X@ M_P"0%=_[G]10!I4444 9VF?\?^K_ /7VO_HB*BC3/^/_ %?_ *^U_P#1$5% M!!_R,E[_ ->EO_Z'-6C6=!_R,E[_ ->EO_Z'-6C0 5Y)96FD:[XNN%O)- 02 M7TL3V#22F5B&(+ ;]N]L9R!WKU:Z@-S:RPB66$R*5\R(X=<]P?6O+M.U6%_' M,"02:I)&+YH9/,NHB%?+!?D"9P=C$C.0,'O0!ZHJJB!5 "J, #L*=110 444 M4 %8OC#_ )%#5/\ KW;^5;58OC#_ )%#5/\ KW;^5 &U1110 4444 %%%% ! M1110 4444 %%%% !7+1V4^E7MZL@C6UO&"Q@'H 54#\03^E=3534+!-0BC1C MM,A*9_K6U6/ *>..:XZVTC2-)NO M#%W:66F27%W,JRF"1R02A.^/+'Y01SG/!H ]$HHHH *R=;O[RQFTX6JP^3-= M)%,SD[@&.,*/ZD\5K5!=6<-X(A.I;RI5E3!(PR]#0!D6>H7JZV\6HF:&.::2 M.U0QIL=5&1R"6S@$\X%-\;WEM;>%-02XGCB>6!P@=@"QQV]:THM'M(;W[4JN M7#,R*SDJC-]XJ#T)R?SJGXP_Y%#5/^O=OY4 7!K6FG&+^V.<8_>CN,C] :/[ M:TWK]OMO^_H],_RYJ]10!1.M::,YO[;C_IJ/3/\ +FE.M::,YO[88SG]Z.W7 M^8J[10!2.LZ<,YOK88SG]Z.QP?U(H_MG3LX^W6V?^NH]O^M'IG^7-*=:TU16CJ2I%Y-ZP;-LV25R2%/#LC-W6B*FHZU8W=C;>5>PAW=9-@D&3CG'_ 'T,?6KP\0:< MR0,MS&1,0,;AECUQ_,XJ[10!2 M_MC3LX^W6V?3S!Z[?Y\4#6=.;&V^MCNP!B4F?YCC!P?U(%7:* *7]L:=G'VZVSZ>8/7'\^*!K.G'& M+ZV.<8_>CG)P/U!%7:* *0UG36QMO[8[L8Q*.F?YN/Y\4#6=..,7UMST_>CUQ_/BKM12W,,+*LLJ(S9VAF SCK0!7&LZ:V,7]L< MXQB4GZU7+K87,1C6],89%_;8_P"N@],_RH.M::.M_;?]_1Z9 M_ES4.E/DOL+FMN6CK6FKG-_;#&PK4>-'B:-E!1EVD>U&D1:L MJG6=.!(-];9'_34>N/Y\4?VSIQX^W6W_ ']'KC^?%&FM)&CVLRD/!PI+;MR9 M(4D^O%7:EJS*3N4AK.G'&+ZV.<8_>CG/ _D:!K6FG&+^V.<8_>COT_D:NT4A ME$:UII&1?VW/_34>F?Y[?RH VJ*** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** &2QB:)XVSM=2IQZ&J6C. MTEH[N/F,K!OJORG_ -!K0IJ1K&"$4*"2Q ]2C.,]/8J!^1K5JIJ2!K,N5R8664>Q4Y_EFK0.1D=# M52=]25IH+1114E!1110 454O=02RV*8Y))'!*JBYZ>OIVJK+?RV=Q)/^8LBH$1=W MW, 9/')&("\(C+RN#RO( X[]S^%1VMO!J*RW%P!<) M(610X!4*&.,?48JQ8V7V.(JTKS2-C=(_WFJ>*)((ECB4(BC"J.@%#:6B"S>X MV2WBEMS Z Q%=I7MBJ$6GW@:V62X0PQA0R ?W2,$>I..BBFNZQ@%V"@D 9/<]*D M8ZH;J?[-;O+L9R.BKU8G@"JUQJ\-O="#RIY&/ ,<989YR./3C\Q26]G+-<+= MW4LF>H@Z*I&<''K@U7+;5DWOHB"XMKZ)$NVD6XGA)94"$<$'< >3TQ]*L6N MJ+=W"HD9"D$$MP58=5(]JOU3U!62(7,94- 3(EO\ ^AS5HUG0?\C)>_\ 7I;_ /H@'J:GK)UW3C>R:=+% LDMO=QN7(&Y$S\V"?H. ME %J/5K*6_:SCN%-PN05P>2,9 /0D9&0.15'QA_R*&J?]>[?RJC9Z7>IJ-I# M);LL=I?7%T;C-X[A_"FH&"=(T$#[PT>XL,=CD8_ M6@#H**HBWU'C-]">F?\ 1O;G^+UH^SZC_P _T/\ X#>W^]Z\T 7J*HFWU'G% M]#_X#>W^]Z\T&WU'G%]".N/]&_+^+ZT 7J*HFWU'G%]".N/]&]^/XO3-'V?4 M<_\ ']#C_KW]_P#>].* +U%41;ZCD9OH>V?]&]_][TXH%OJ/&;Z$],_Z-U]? MXOI0!>HJB+?4>,WT)Z9_T;VY_B]:/L^H_P#/]#_X#>W^]Z\T 7J*HFWU'_G^ MA_\ ;V_WO7F@V^H\XOH1UQ_HWTQ_%]: +U%43;ZB_O\ [WIQ0+?4>,WT)Z9_T;KZ M_P 7TH O451%OJ/&;Z$],_Z-^?\ %]*!;ZCC_C^A_P# ;V_WO7F@"]15$V^H M_P#/]#_X#>W^]Z\T&WU'G%]".N/]&^F/XOK0!>HJBUOJ)W;;Z$9SC_1^G3'\ M7UH-OJ&3B^A [?Z/[_[WIQ0!>HJEY&H9_P"/V''_ %[^_P#O>G'ZT@M]1XS? M0G&,_P"C=>>?XO3% %R1!+&T;?=8%3]#6*J:E9;W\[S(;96+B08\X?,>".F! MM'X5>%OJ/&;Z$],_Z-UZY_B^GY4R:SU":WDB>^A(=-IQ;XZJ0?XO7FJC*VA, ME1$9C.1L4(,E6(.TD>G%95I9:Q)$;R>\C M:4IO1?)!P?FP.#TP?U]JGM+2YO)C?I=Q;BQ",8#TS@?Q>F1^.?:KY5%DW;+M MA'V1J&?^/V''I] MG]_][TX_7VI!;Z@-N;Z$XQG_ $?KSS_%Z8%0W=W*2TL5FBFTNZB^RQ$V6S,S M%N5QGGU)Y'Y5>OW86;+"V)91LC(/0GO^'7\*A^S:@R[7O8&!P&'V;J.<_P 7 M?C\JHV]OJH_4;Y MODEU.0?E)#?CC\Z?/##J=WY<@22&WY93R"YS_+^OM4$VD7<[RN]]&'DC$9*V M_0 'D?-PXL/.^RW<2^<[2.6@))8]_O>N:=UNMPL]GL6+:!;&^:" M'"P2IO2,#A6& O'J5RME'+)&T;DLRY!R%[>H^8BB\T[4;E5,>I1 MQ.C%D*V_Y G=]:C@T:[A>*47D'G(K#=]GZ[F!.?FY[_G0FM^H-/;H7XM-LX( M3%%;1+&<94+UPYQGOWJ;R-0S_Q^PX]/L_O M_O>G'Z^U(+?4!MS?0G&,_P"C]>>?XO3 J>:7X M)Z?A3[:Y5-.26=\!!AF//0XIBV^HC&Z^A.,9_P!&Z]<_Q?3\JI_V)=><95OT M4LP9U6#Y7(YY!8]P#QCOZT7O\0K6V+EO<3-/$92!'.C.JE<%,8P,]^"3^%6I MKB*W56F<(&8*,]R> *HS:?>W"!9;V$[>01;D$'&,@A_7G]*HI8ZCJD/^D79A M" HH:#!)P/F^]Z@\_P J>CU#5:'045BVIU/SGLYKZ'S4!V/]E;#KA<'.[J,\ MTRXU&>*$RK?HP+L@"VA)!# <_-T[9]\TN5WLA\R-VBL$VNN6Z?:(;Y9VD()@ MEAP$R1T.<\?XFA1K-XZQB[BC5/DN,0X(/7Y3GTQS[YI\GF+F-L2QD.0ZD(<- MS]WOSZ51E1=5F"X1[6+G>&SN<@8(QZ9ZU7&B7),6Z_4A RB'"R8.XY-*@-DEO<_OR"&=WZNW!)_''2 MK4$$=M$(X4"(.@%5?L^HX_X_H]>?TH-OJ/:^A_\!O;_ 'O7FDY- MC22+U%43;ZCSB^A'7'^C=.F/XOK^=!M]1.<7T(ZX_P!&Z<\?Q>F:0R]15'[/ MJ&?^/Z''_7O[_P"]Z<4"WU'(S?0^_P#HWO\ [WIQ0!>HJB+?41C-]">F?]&Z M]<_Q?2@6^H\9OH3TS_HWMS_%ZXH O451^SZCC_C^ASC_ )]O;_>]>?TH-OJ/ M:^A_\!O;_>]>: +U%43;ZCSB^A'7'^C?E_%]:#;ZCSB^A'7'^C=/3^+ZT 7J MP[B'4K5Y8M-C41KOE0LE4K9-1N+B33VF000, [B'AN2=OWNX*_K6J+?4>,WT)Z9_T;\_X MOI5-\NQ*]XLVT)@@5"VYN2S8QDDY)Q]34M41;ZC_ ,_T/_@-[?[WKS1]GU'_ M )_H?_ ;V_WO7FLRR]4<\0N+>2$D@2*5)';(Q54V^H\XOH1UQ_HWY?Q?6@V^ MHG.+Z$=PS^=/\0?\ ("N_]S^H MJ0V^H\XOH>^/]&]_][TJCK<-\NCW)ENXG0+RH@P3\WKN]*;=Q)6-RBBBD,SM M,_X_]7_Z^U_]$144:9_Q_P"K_P#7VO\ Z(BHH (/^1DO?^O2W_\ 0YJT:SH/ M^1DO?^O2W_\ 0YJT: "BBB@ HHHH **** "L7QA_R*&J?]>[?RK:K%\8?\BA MJG_7NW\J -JBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B MBB@ HHHH **** "BBB@#F]1TV6[O9;2,80)+)UP"9!P?J&!_.K*W-S?/%9QJ MCP[ MR^>1U&,>X7]:VL[M MS.J-&P29&RCD9QZ_F*2VT^WM7#Q)A]@0G)Y'^/'6K-%.[M85EN%%%%(84444 M %%%% !1110 4444 %%%% !1110 4444 %%%% " $D GK[TM%% !1110 4 M444 %9OB#_D!7?\ N?U%:59OB#_D!7?^Y_44 :5%%% &=IG_ !_ZO_U]K_Z( MBHHTS_C_ -7_ .OM?_1$5% !!_R,E[_UZ6__ *'-6C6=!_R,E[_UZ6__ *'- M6C0 4444 %%%% !1110 5B^,/^10U3_KW;^5,L=5O'UJ2"^!MXGEDCMD:#'F MA>X?=UP">@XZ4SQO>06WA34$FE"-+ X0'N<4 =!15$:U8'&+E.<8X/<9_D*/ M[:T__GY3\CZ9_E0!>HJB=:L!G-RG'L?3/\J#K5@NW7^8H O451.L MV SFY7C.>#V./YFC^V;#./M*_D?7'\Z +U%41K-@2 +E>?8^N/YT#6;!L8N4 MYQC@]^G\C0!>HJB-:L#C%RG.,<'N,_R%']M:?_S\I^1],_RH O451.M6 &?M M*>O0^F?Y4'6K 9SHJB-:L#C%RG M.,<'ODC^1H&M6!&?M*>O0^F?Y4 7J*HG6K #/VE/7H?3/\J#K5@,YN4XSG@] ML9_F* +U%46UFP7=NN5&W.>#QC&?YB@ZS8 D&Y7(Z\'UQ_,T 7J*HC6; G'V ME<_0^N/YT#6;!L8N5^;&.#W.!^H- %ZBJ(UJP;&+E.<8X/?./Y&@:U8'IQ[ $_S% %ZBJ)UFP7=F MY4;A]-W\N:#K-@.MRO?L>PR?T(H O451;6;!=VZY4;XR/T% %ZBJ/]M:?C/VE,8ST M/IG^5!UFP'6Y7OV/89_D: +U%43K-@N[-R@VYSP>V,_S%!UFP7.;E>,YX/8X M/ZF@"]15+^V+#./M*Y^A]A],_RH.M6 ZW*?D?3/\ M*@"]15$ZU8+G-RG&<\'MC/\ ,4'6;!HJB-9L&QBY0YQC@]\X_D:!K5@<8N5YQC@]QD? MR- %ZBJ/]M6!&?M*>O0^F?Y4'6K ?\O*?D?3/\J +U%43K5@,YN4XSG@]N3_ M #H.LV"YS<8X/?@?RH&M6#8Q#VZ_P Z +U9 MOB#_ ) 5W_N?U%2'6; 9S(/^0%=_[G]16C6;X@_Y 5W_ +G]10!I4444 9VF?\?^K_\ 7VO_ *(BHHTS M_C_U?_K[7_T1%10 0?\ (R7O_7I;_P#H_]>EO_ .AS M5HUG0?\ (R7O_7I;_P#H@WEO:3M&[P.-@C#>8<<#GIS_.MBL74_ M$D.D:Q%:WL31VDD/F&\)^2,[L8?T'(^;IDC- !_9NN_]!V+_ , 5_P#BJ/[- MUW_H.Q?^ *__ !5;".LB*Z$,K $$=Q3J ,7^S==_Z#L7_@"O_P 51_9NN_\ M0=B_\ 5_^*K:HH Q?[-UW_H.Q?\ @"O_ ,51_9NN_P#0=B_\ 5_^*K:JEK.H M-I.D7-ZL#7!@3=Y2L 6^A- &9#9>(GGN%DUF)$C<+&WV%?G&T$G[WJ2/PJ;^ MS==_Z#L7_@"O_P 55W3-7L]7@,EG*&*\21GAXC_=9>JG@\&KM &+_9NN_P#0 M=B_\ 5_^*H_LW7?^@[%_X K_ /%5M44 8O\ 9NN_]!V+_P 5_\ BJ/[-UW_ M *#L7_@"O_Q5;5% '/7EEXBAM)9+?6(I957*Q_85^8^GWJG_ +-UW_H.Q?\ M@"O_ ,54$GBZVM]2O8;M6A@M6V$A&=\@ L[*H.V/###'KS6^K*Z*R,&5AD$' M@B@#'_LW7?\ H.Q?^ *__%4?V;KO_0=B_P# %?\ XJMJB@#%_LW7?^@[%_X MK_\ %4?V;KO_ $'8O_ %?_BJVJ* ,7^S==_Z#L7_ ( K_P#%5#!9>(I)+A9= M9B14DVQG["OSKM4Y^]ZDC\*MZ[K2Z-%;DJI:XD\L/(VV- 68LWT!P.I/%6= M.U:SU5)&LY2_EMM=61D93C(RK $<<]* */\ 9NN_]!V+_P 5_\ BJ/[-UW_ M *#L7_@"O_Q5;5% &+_9NN_]!V+_ , 5_P#BJ/[-UW_H.Q?^ *__ !5;5% & M+_9NN_\ 0=B_\ 5_^*J"ZLO$421F'6(I"TBJP^PKPI."?O=AS70USP\7VL6H M3Q786"W21HUDRS-E6VEG 7"+GH2>: )_[-UW_H.Q?^ *_P#Q5']FZ[_T'8O_ M !7_P"*K9ZTM &+_9NN_P#0=B_\ 5_^*H_LW7?^@[%_X K_ /%5M44 8O\ M9NN_]!V+_P 5_\ BJ/[-UW_ *#L7_@"O_Q5;59>N:T-'CA(B6629F #R>6B MA5+,2V#V!XQS0!2MK+Q%*9O.UB*/;(53_05^9>,'[U3_ -FZ[_T'8O\ P!7_ M .*J]IVJ6FJPM+9R[PC;'!4JR-C."K $=1U%7* ,7^S==_Z#L7_@"O\ \51_ M9NN_]!V+_P 5_\ BJVJ* ,7^S==_P"@[%_X K_\51_9NN_]!V+_ , 5_P#B MJVJ2@# NK+Q%%$K0ZS%(QD12OV%>%+ ,?O=@2?PJ;^S==_Z#L7_@"O\ \52: M;KMQ>ZU+:SVAMK=X?-M3)D22@-M8E?X>JX'7!YK;H Q?[-UW_H.Q?^ *_P#Q M5']FZ[_T'8O_ !7_P"*K:HH Q?[-UW_ *#L7_@"O_Q5']FZ[_T'8O\ P!7_ M .*K:HH Q?[-UW_H.Q?^ *__ !50VMEXBEC[C!_& MI?$.OS:.@^S6;W!1?.G]0!^-=!7,:=XXLKS4&M[A4MT;B*0R;N=Y0*X _=L2. 3S]: +O]FZ[_P!! MV+_P!7_XJC^S==_Z#L7_ ( K_P#%5M44 8O]FZ[_ -!V+_P!7_XJC^S==_Z# ML7_@"O\ \56U10!B_P!FZ[_T'8O_ !7_P"*H_LW7?\ H.Q?^ *__%5M5@^( M/%,6@3QQ/!YA,9E(DGMTCUB)T=B)&^PK\@VD@_> M]0!^-3?V;KO_ $'8O_ %?_BJKZ?XNCNKRRAN;4V\>H1^;9RB0.'']UL?<;GI MR.HSFNBH Q?[-UW_ *#L7_@"O_Q5']FZ[_T'8O\ P!7_ .*K:HH Q?[-UW_H M.Q?^ *__ !5']FZ[_P!!V+_P!7_XJMJB@#%_L[7?^@[%_P" *_\ Q554TG7= M1TR-;[6(XS-&IFB%DN5. 2N=WKQ5K5O$/]F7$T4=G)<_9H!/RMQQT]ZT[*\@U"SBNK6020RKN1AW% $]%%% &=IG_'_J__ %]K_P"B(J*- M,_X_]7_Z^U_]$144 $'_ ",E[_UZ6_\ Z'-6C6=!_P C)>_]>EO_ .AS5HT M%%%% !1110 445BZKXHL].M(YX@]X)%9U%L5;Y%(#-DD X) QU)(&* +'B&, M3:'=1M>_80R@&YW;3&,CD'L?3WK,31FU:Y2W\00O<&S4A)E.(;N-L??7^\"H M)7ID CC@9F@:8-4N%O#)YTJ3^>;S;OAO4+$@,A/R2)TQU4@=CBNXH BM[>.U MMXX(5*Q1*$0$DX ZGXU6 MU?Q3:6%M&\/FW(FC\P/;!7V(2%#C)^;DC &2?2LCPSI(NWM[_P P22Q2>9)< M?ZR"^!!VRKD_(XR1[&^+6=ZH6&:\MXTQ>18.,%@=O4Y'8 M].*WH(4MK>."%=L<:A%'H ,"I** "BBB@ J"2]MX;R&UDE59Y@S1H>-^.N/S MZ5'J5Y)863W,=K+<^606CB^_MSR0.Y YQWKC]7UN#7&MDB+2%Y55+16 >52W MR7$#_P!Y>2?3# X/4 T)=-F%W#M MZ9I;6,MQ/<73W5U<;0\K(J_*N=H 48XR?SJ32;$Z9I<%H3$QB7:6CCV!O?;V M)[^^:N4 %%%% !139)$AC:21@J("S,3@ #J:P==\46VGP[(VE;S(U8W,"K(( M5?(1\$_-T)P,\*30!9\16[75G;Q1ZF=.AJ'PQHX9[:^P!)#D2MGS8KIBO$ M\3$_*3GD^Y!Z UU] "*H10JC"@8 I:** "BBJ>J7SZ;8M=+:RW*QD&1(N6"= MV [X'.!R: )7O;>.]CM'E5;B52Z(>"P'7'KC-:"]V;C%P^J6%W>,TL<<@ M#V<@;"O$V>-O\2_4^H-74]9AU^:T2%V9I) JVJ,OF8.2ES _? SGMC(.",'L M=+LO[.TRWM#Y68D"DQ1[%/N%[9H BTO2O[/:>66ZENKFX*F2:0*I(48484 # M%:%%% !113)94@B>65U2-%+,S' 4#J30 ^LGQ#;O=06D<6IG3I/M*E) >7;! MP@!ZY.,CT!JGK_BBVT^)HHWE&^-2;J%%D6 .#L 3TJIX7T8+); MWP4(\2E)03YL<[$#$\3DY&X=?7H>1F@#5M[:;5/LL^HP/:W]A,?GB/R29&#M M/=&!Z'D$>HS6Q110 4444 %0?;;<7PLS*HN3'Y@C/!*YQD>O-0:MJ7]E6HNG MMY)H%8>)O$T-I%-91S2V[NOEF^50R6[,I92PSDC' M)(' .210!>\0V\]R]@MKJ@L+A9R\6>?.8(V$*_Q+SDCV[53@T0ZN\EU>I<6+ MS%4O;1=ICG:,Y5@V,[3GJ,9'6F^&-'6"2.^2 VV(S&]N_P"\4/QF2*0G.UL9 M/KP>#FNGH **** "BBL[6-6&CP)<2P.]MNQ+*IXA&.&8==N>I'3KTH LK?6S M7LEH)E^T1H)&C/!"GH?<<5RD.AW36]M:B\;4;":03P7R;6DM)0V\$9R&C)'O MCIR#Q5OIU\2ZG!;HS>=,K*T)"F6P8+R3VDA<8!&<'((/IW,$8A@CC"HH10N$ M7"C'H.PH K:7IJZ9;R)YK32S2--+*P +N>IP.!T''M5VBB@ HHJ*XN(;2%IK MB5(HEQEW; &3@<_4T 2UB:[;W,]]8&QU-+2ZC$C10NYDAO_ +(VFN7$EQ:+&@WRJV02P&2 M>1@@'K71444 %%%% !54WUM)+=6RW"+-;H#*K'!0$9#'V]_8U6UK6?[%CCED MMV>!\JTP8!8V_AW^BD\;N@XS7*W&WQ-K2PQ/O=T9F21!YEB1C=%,O&^)SV]> M02.0 6K3PY+MM+6X=-3M_)#6>INJN\#8!PV?OH2,KU]#V-=1IE@FF6*6R.TF M&9V=L99F8LQXX&23TJTH"J ,8%+0 4444 9VF?\?^K_\ 7VO_ *(BHHTS M_C_U?_K[7_T1%10 0?\ (R7O_7I;_P#HA-<^)6AM(;RTM'/GSRJ%$8E&"CQYS\Q/##&#C)Y )Z^B@" MO8V4&G6<=M;)MCC&!ZD]R3W)[FK%%% !1110 4AR0<'!]:6B@#*T;1GTU[N: MYN$N+BZF\UV2'RU!VA>%R>2!R<\UJT44 %%%% !1110!QY\/FY\1306T5[8V M$9,^]=JJL_3,1YX8,^1C (!˴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end GRAPHIC 5 g1332215bei002.jpg GRAPHIC begin 644 g1332215bei002.jpg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