Obligation Citigroup 3% ( US17298CHE12 ) en USD

Citigroup

100 % ▲

Etas-Unis

US17298CHE12 ( en USD )

3% par an ( paiement semestriel )

13/11/2034

Prospectus brochure de l'obligation Citigroup US17298CHE12 en USD 3%, échéance 13/11/2034

1 000 USD

10 000 000 USD

17298CHE1

BBB+ ( Qualité moyenne inférieure )

A3 ( Qualité moyenne supérieure )

13/05/2025 ( Dans 40 jours )

Citigroup est une société financière multinationale américaine offrant une large gamme de services financiers, notamment des services bancaires de détail, des services bancaires d'investissement, la gestion d'actifs et les services de cartes de crédit, à travers le monde.

L'Obligation émise par Citigroup ( Etas-Unis ) , en USD, avec le code ISIN US17298CHE12, paye un coupon de 3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 13/11/2034

L'Obligation émise par Citigroup ( Etas-Unis ) , en USD, avec le code ISIN US17298CHE12, a été notée A3 ( Qualité moyenne supérieure ) par l'agence de notation Moody's.

L'Obligation émise par Citigroup ( Etas-Unis ) , en USD, avec le code ISIN US17298CHE12, a été notée BBB+ ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

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424B2 1 dp115823_424b2-230.htm PRICING SUPPLEMENT
Citigroup Inc.
November 8, 2019
Medium-Term Senior Notes, Series G
Pricing Supplement No. 2019-CMTNG1056
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-224495
Callable Step-Up Coupon Notes Due November 13, 2034
·
The notes mature on the maturity date specified below. We have the right to cal the notes for mandatory redemption
prior to maturity on a periodic basis on the redemption dates specified below. Unless previously redeemed, the notes
pay interest periodical y at a per annum rate that wil increase at pre-set intervals over the term of the notes. Because
of our redemption right, there is no assurance that you wil receive interest payments at the higher interest rates stated
below.
·
The notes are unsecured senior debt obligations of Citigroup Inc. All payments due on the notes are subject to the
credit risk of Citigroup Inc.
·
It is important for you to consider the information contained in this pricing supplement together with the information
contained in the accompanying prospectus supplement and prospectus. The description of the notes below
supplements, and to the extent inconsistent with replaces, the description of the general terms of the notes set forth in
the accompanying prospectus supplement and prospectus.
KEY TERMS
Issuer:
Citigroup Inc. Upon at least 15 business days' notice, any whol y owned subsidiary of
Citigroup Inc. may, without the consent of any holder of the notes, assume Citigroup Inc.'s
obligations under the notes, and in such event Citigroup Inc. shal be released from its
obligations under the notes, subject to certain conditions, including the condition that
Citigroup Inc. ful y and unconditional y guarantee al payments under the notes. See
"Additional Terms of the Notes" in this pricing supplement.
Stated principal amount:
$1,000 per note
Pricing date:
November 8, 2019
Original issue date:
November 13, 2019
Maturity date:
November 13, 2034. If the maturity date is not a business day, then the payment required
to be made on the maturity date wil be made on the next succeeding business day with
the same force and effect as if it had been made on the maturity date. No additional
interest wil accrue as a result of delayed payment.
Payment at maturity:
$1,000 per note plus any accrued and unpaid interest
Interest rate per annum:
From and including the original issue date to but excluding November 13, 2027, unless
previously redeemed: 3.00%
From and including November 13, 2027 to but excluding November 13, 2030, unless
previously redeemed: 3.50%
From and including November 13, 2030 to but excluding the maturity date, unless
previously redeemed: 4.00%
Interest period:
The period from and including the original issue date to but excluding the immediately
fol owing interest payment date, and each successive period from and including an interest
payment date to but excluding the next interest payment date
Interest payment dates:
Semi-annual y on the 13th day of each May and November of each year, commencing May
13, 2020, provided that if any such day is not a business day, the applicable interest
payment wil be made on the next succeeding business day. No additional interest wil
accrue on that succeeding business day. Interest wil be payable to the persons in whose
names the notes are registered at the close of business on the business day preceding
each interest payment date, which we refer to as a regular record date, except that the
interest payment due at maturity or upon earlier redemption wil be paid to the persons who
hold the notes on the maturity date or earlier date of redemption, as applicable.
Day count convention:
30/360 Unadjusted. See "Determination of Interest Payments" in this pricing supplement.
Redemption:
Beginning on November 13, 2022, we have the right to cal the notes for mandatory
redemption, in whole and not in part, on any redemption date and pay to you 100% of the
principal amount of the notes plus accrued and unpaid interest to but excluding the date of
such redemption. If we decide to redeem the notes, we wil give you notice at least five
business days before the redemption date specified in the notice.

So long as the notes are represented by global securities and are held on behalf of The
Depository Trust Company ("DTC"), redemption notices and other notices wil be given by
delivery to DTC. If the notes are no longer represented by global securities and are not
held on behalf of DTC, redemption notices and other notices wil be published in a leading
daily newspaper in New York City, which is expected to be The Wal Street Journal.
Redemption dates:
The 13th day of each February, May, August and November beginning in November 2022,
provided that if any such day is not a business day, the applicable redemption date wil be
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the next succeeding business day. No additional interest wil accrue as a result of such
delay in payment.
Business day:
Any day that is not a Saturday or Sunday and that, in New York City, is not a day on which
banking institutions are authorized or obligated by law or executive order to close
Business day convention:
Fol owing
CUSIP / ISIN:
17298CHE1 / US17298CHE12
Listing:
The notes wil not be listed on any securities exchange.
Underwriter:
Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal. See
"General Information--Supplemental information regarding plan of distribution; conflicts of
interest" in this pricing supplement.
Underwriting fee and issue
Issue price
Underwriting fee(1)
Proceeds to issuer(2)
price:
Per note:
$1,000.00
$15.00
$985.00
Total:
$10,000,000.00
$150,000.00
$9,850,000.00
(1) CGMI, an affiliate of Citigroup Inc. and the underwriter of the sale of the notes, is acting as principal and wil receive an
underwriting fee of up to $15.00 per note sold in this offering. The total underwriting fee and proceeds to issuer in the table
above give effect to the actual total underwriting fee. You should refer to "Risk Factors" and "General Information--Fees
and sel ing concessions" in this pricing supplement for more information. In addition to the underwriting fee, CGMI and its
affiliates may profit from hedging activity related to this offering, even if the value of the notes declines. See "Use of
Proceeds and Hedging" in the accompanying prospectus.
(2) The per note proceeds to issuer indicated above represent the minimum per note proceeds to issuer for any note,
assuming the maximum per note underwriting fee. As noted above, the underwriting fee is variable.
Investing in the notes involves risks not associated with an investment in conventional fixed rate debt
securities. See "Risk Factors" beginning on page PS-2.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of the notes or determined that this pricing supplement and the accompanying prospectus
supplement and prospectus are truthful or complete. Any representation to the contrary is a criminal offense.
You should read this pricing supplement together with the accompanying prospectus supplement and
prospectus, which can be accessed via the following hyperlink:
Prospectus Supplement dated July 11, 2019 and Prospectus dated June 27, 2019
The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

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Citigroup Inc.

Risk Factors

The fol owing is a non-exhaustive list of certain key risk factors for investors in the notes. You should read the risk factors
below together with the risk factors included in the accompanying prospectus supplement and in the documents
incorporated by reference in the accompanying prospectus, including Citigroup Inc.'s most recent Annual Report on Form
10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to our business more general y.
We also urge you to consult your investment, legal, tax, accounting and other advisers in connection with your investment
in the notes.

§
The notes may be redeemed at our option, which limits your ability to accrue interest over the full term of the
notes. We may redeem the notes, in whole but not in part, on any redemption date, upon not less than five business
days' notice. In the event that we redeem the notes, you wil receive the principal amount of the notes and any accrued
and unpaid interest to but excluding the applicable redemption date. In this case, you wil not have the opportunity to
continue to accrue and be paid interest to the maturity date of the notes.

§
Market interest rates at a particular time will affect our decision to redeem the notes. It is more likely that we wil
cal the notes for redemption prior to their maturity date at a time when the interest rate on the notes is greater than
that which we would pay on a comparable debt security of Citigroup Inc. with a maturity comparable to the remaining
term of the notes. Consequently, if we redeem the notes prior to their maturity, you may not be able to invest in other
securities with a similar level of risk that yield as much interest as the notes.

§
The step-up feature presents different investment considerations than conventional fixed-rate notes. Unless
general market interest rates rise significantly, you should not expect to earn the higher stated interest rates because
the notes are more likely to be redeemed prior to maturity if general market interest rates remain the same or fal
during the term of the notes. When determining whether to invest in the notes, you should consider, among other
things, the overal annual percentage rate of interest to maturity or the various potential redemption dates as compared
to other equivalent investment alternatives rather than the higher stated interest rates or any potential interest
payments you may receive during the term of the notes. If general market interest rates increase beyond the rates
provided by the notes during the term of the notes, we are less likely to redeem the notes, and if we do not redeem the
notes investors wil be holding notes that bear interest at below-market rates.

§
An investment in the notes may be more risky than an investment in notes with a shorter term. By purchasing
notes with a relatively long term, you wil bear greater exposure to fluctuations in interest rates than if you purchased a
note with a shorter term. In particular, you may be negatively affected if interest rates begin to rise, because the
likelihood that we wil redeem your notes wil decrease and the interest rate on the notes may be less than the amount
of interest you could earn on other investments with a similar level of risk available at such time. In addition, if you tried
to sel your notes at such time, the value of your notes in any secondary market transaction would also be adversely
affected.

§
The notes are subject to the credit risk of Citigroup Inc., and any actual or anticipated changes to its credit
ratings or credit spreads may adversely affect the value of the notes. You are subject to the credit risk of
Citigroup Inc. If Citigroup Inc. defaults on its obligations under the notes, your investment would be at risk and you
could lose some or al of your investment. As a result, the value of the notes wil be affected by changes in the market's
view of Citigroup Inc.'s creditworthiness. Any decline, or anticipated decline, in Citigroup Inc.'s credit ratings or
increase, or anticipated increase, in the credit spreads charged by the market for taking Citigroup Inc. credit risk is
likely to adversely affect the value of the notes.

§
The notes will not be listed on any securities exchange and you may not be able to sell them prior to maturity.
The notes wil not be listed on any securities exchange. Therefore, there may be little or no secondary market for the
notes. CGMI currently intends to make a secondary market in relation to the notes and to provide an indicative bid
price for the notes on a daily basis. Any indicative bid price for the notes provided by CGMI wil be determined in
CGMI's sole discretion, taking into account prevailing market conditions and other relevant factors, and wil not be a
representation by CGMI that the notes can be sold at that price or at al . CGMI may suspend or terminate making a
market and providing indicative bid prices without notice, at any time and for any reason. If CGMI suspends or
terminates making a market, there may be no secondary market at al for the notes because it is likely that CGMI wil
be the only broker-dealer that is wil ing to buy your notes prior to maturity. Accordingly, an investor must be prepared to
hold the notes until maturity.

§
Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be
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indicated on any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary
upward adjustment. The amount of this temporary upward adjustment wil steadily decline to zero over the temporary
adjustment period. See "General Information--Temporary adjustment period" in this pricing supplement.

§
Secondary market sales of the notes may result in a loss of principal. You wil be entitled to receive at least the
ful stated principal amount of your notes, subject to the credit risk of Citigroup Inc., only if you hold the notes to
maturity or redemption. If you are able to sel your notes in the secondary market prior to maturity or redemption, you
are likely to receive less than the stated principal amount of the notes.

§
The inclusion of underwriting fees and projected profit from hedging in the issue price is likely to adversely
affect secondary market prices. Assuming no changes in market conditions or other relevant factors, the price, if
any, at which CGMI may be wil ing to purchase the notes in secondary market transactions wil likely be lower than the
issue price since the issue price of the notes includes, and secondary market prices are likely to exclude, underwriting
fees paid with respect to the notes, as wel as the cost of hedging our obligations under the notes. The cost of hedging
includes the projected profit that our affiliates may realize in

PS-2
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Citigroup Inc.

consideration for assuming the risks inherent in managing the hedging transactions. The secondary market prices for
the notes are also likely to be reduced by the costs of unwinding the related hedging transactions. Our affiliates may
realize a profit from the hedging activity even if the value of the notes declines. In addition, any secondary market
prices for the notes may differ from values determined by pricing models used by CGMI, as a result of dealer
discounts, mark-ups or other transaction costs.

§
The price at which you may be able to sell your notes prior to maturity will depend on a number of factors and
may be substantially less than the amount you originally invest. A number of factors wil influence the value of the
notes in any secondary market that may develop and the price at which CGMI may be wil ing to purchase the notes in
any such secondary market, including: interest rates in the market and the volatility of such rates, the time remaining to
maturity of the notes, hedging activities by our affiliates, fees and projected hedging fees and profits, expectations
about whether we are likely to redeem the notes and any actual or anticipated changes in the credit ratings, financial
condition and results of Citigroup Inc. The value of the notes wil vary and is likely to be less than the issue price at any
time prior to maturity or redemption, and sale of the notes prior to maturity or redemption may result in a loss.

§
The U.S. federal tax consequences of an assumption of the notes are unclear. The notes may be assumed by a
successor issuer, as discussed in "Additional Terms of the Notes." The law regarding whether or not such an
assumption would be considered a taxable modification of the notes is not entirely clear and, if the Internal Revenue
Service (the "IRS") were to treat the assumption as a taxable modification, a U.S. Holder would general y be required
to recognize gain (if any) on the notes and the timing and character of income recognized with respect to the notes
after the assumption could be affected significantly. You should read careful y the discussion under "United States
Federal Income Tax Considerations" in this pricing supplement. You should also consult your tax adviser regarding the
U.S. federal tax consequences of an assumption of the notes.
Additional Terms of the Notes

The notes are intended to qualify as eligible debt securities for purposes of the Federal Reserve's total loss-absorbing
capacity ("TLAC") rule. As a result, in the event of a Citigroup Inc. bankruptcy, Citigroup Inc.'s losses and any losses
incurred by its subsidiaries would be imposed first on Citigroup Inc.'s shareholders and then on its unsecured creditors,
including the holders of the notes. Further, in a bankruptcy proceeding of Citigroup Inc. any value realized by holders of the
notes may not be sufficient to repay the amounts owed on the notes. For more information about the consequences of
"TLAC" on the notes, you should refer to the "Citigroup Inc." section beginning on page 9 of the accompanying prospectus.

Upon at least 15 business days' notice, any whol y owned subsidiary (the "successor issuer") of Citigroup Inc. may, without
the consent of any holder of the notes, assume al of Citigroup Inc.'s obligations under the notes, and in such event
Citigroup Inc. shal be released from its obligations under the notes (in each case, except as described below), subject to
the fol owing conditions:

(a) Citigroup Inc. shal enter into a supplemental indenture under which Citigroup Inc. ful y and unconditional y
guarantees al payments on the notes when due, agrees to comply with the covenants described in the section
"Description of Debt Securities--Covenants--Limitations on Liens" and "--Limitations on Mergers and Sales of
Assets" in the accompanying prospectus as applied to itself and retains certain reporting obligations under the
indenture;

(b) the successor issuer shal be organized under the laws of the United States of America, any State thereof or the
District of Columbia; and

(c) immediately after giving effect to such assumption of obligations, no default or event of default shal have occurred
and be continuing.

Upon any such assumption, the successor issuer shal succeed to and be substituted for, and may exercise every right and
power of, Citigroup Inc. under the notes with the same effect as if such successor issuer had been named as the original
issuer of the notes, and Citigroup Inc. shal be relieved from al obligations and covenants under the notes, except that
Citigroup Inc. shal have the obligations described in clause (a) above. For the avoidance of doubt, the successor issuer
shal not be responsible for Citigroup Inc.'s compliance with the covenants described in clause (a) above.

If a successor issuer assumes the obligations of Citigroup Inc. under the notes as described above, events of bankruptcy
or insolvency or resolution proceedings relating to Citigroup Inc. wil not constitute an event of default with respect to the
notes, nor wil any breach of a covenant by Citigroup Inc. (other than payment default). Therefore, if a successor issuer
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assumes the obligations of Citigroup Inc. under the notes as described above, events of bankruptcy or insolvency or
resolution proceedings relating to Citigroup Inc. (in the absence of any such event occurring with respect to the successor
issuer) wil not give holders the right to declare the notes to be due and payable, and a breach of a covenant by Citigroup
Inc. (including the covenants described in the section "Description of Debt Securities--Covenants--Limitations on Liens"
and "--Limitations on Mergers and Sales of Assets" in the accompanying prospectus), other than payment default, wil not
give holders the right to declare the notes to be due and payable. Furthermore, if a successor issuer assumes the
obligations of Citigroup Inc. under the notes as described above, it wil not be an event of default under the notes if the
guarantee of the notes by Citigroup Inc. ceases to be in ful force and effect or if Citigroup Inc. repudiates the guarantee.

PS-3
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Citigroup Inc.

There are no restrictions on which subsidiary of Citigroup Inc. may be a successor issuer other than as specifical y set
forth above. The successor issuer may be less creditworthy than Citigroup Inc. and/or may have no or nominal assets. If
Citigroup Inc. is resolved in bankruptcy, insolvency or other resolution proceedings and the notes are not
contemporaneously declared due and payable, and if the successor issuer is subsequently resolved in later bankruptcy,
insolvency or other resolution proceedings, the value you receive on the notes may be significantly less than what you
would have received had the notes been declared due and payable immediately upon certain events of bankruptcy or
insolvency or resolution proceedings relating to Citigroup Inc. or the breach of a covenant by Citigroup Inc.

The notes are "specified securities" for purposes of the indenture. The terms set forth above do not apply to al securities
issued under the indenture, but only to the notes offered by this pricing supplement (and similar terms may apply to other
securities issued by Citigroup Inc. that are identified as "specified securities" in the applicable pricing supplement).

You should read careful y the discussion of U.S. federal tax consequences of any such assumption under "United States
Federal Tax Considerations" in this pricing supplement.
PS-4
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General Information
Temporary adjustment
For a period of approximately six months fol owing issuance of the notes, the price, if any,
period:
at which CGMI would be wil ing to buy the notes from investors, and the value that wil be
indicated for the notes on any brokerage account statements prepared by CGMI or its
affiliates (which value CGMI may also publish through one or more financial information
vendors), wil reflect a temporary upward adjustment from the price or value that would
otherwise be determined. This temporary upward adjustment represents a portion of the
hedging profit expected to be realized by CGMI or its affiliates over the term of the notes.
The amount of this temporary upward adjustment wil decline to zero on a straight-line
basis over the six-month temporary adjustment period. However, CGMI is not obligated
to buy the notes from investors at any time. See "Risk Factors--The notes wil not be
listed on any securities exchange and you may not be able to sel them prior to maturity."
U.S. federal income tax
The notes wil be treated for U.S. federal income tax purposes as fixed rate debt
considerations:
instruments that are issued without original issue discount. See "United States Federal
Tax Considerations--Tax Consequences to U.S. Holders--Original Issue Discount" in the
accompanying prospectus supplement for further information regarding the treatment
under the original issue discount rules of debt instruments that are subject to early
redemption.

Under their terms, the notes may be assumed by a successor issuer, in which case we
wil guarantee the successor issuer's payment obligations under the notes. See
"Additional Terms of the Notes." We intend to treat such an assumption as not giving rise
to a taxable modification of the notes. While our counsel, Davis Polk & Wardwel LLP,
believes this treatment of such an assumption is reasonable under current law and based
on the expected circumstances of the assumption, it has not rendered an opinion
regarding such treatment in light of the lack of clear authority addressing the
consequences of such an assumption. Provided that an assumption of the notes is not a
taxable modification, the U.S. federal income tax treatment of the notes would not be
affected by the assumption. However, if the IRS were to treat an assumption of the notes
as a taxable modification, the timing and character of income recognized with respect to
the notes after the assumption could be affected significantly, depending on
circumstances at the time of the assumption. Moreover, a U.S. Holder (as defined in the
accompanying prospectus supplement) would general y be required to recognize gain (if
any) with respect to the notes at the time of the assumption in the same manner as
described in the accompanying prospectus supplement in respect of a sale or other
taxable disposition of the notes. You should consult your tax adviser regarding the
consequences of an assumption of the notes.

Both U.S. and non-U.S. persons considering an investment in the notes should read the
discussion under "United States Federal Tax Considerations," and in particular the
sections entitled "United States Federal Tax Considerations--Tax Consequences to U.S.
Holders," "--Tax Consequences to Non-U.S. Holders" and "--FATCA" in the
accompanying prospectus supplement for more information regarding the U.S. federal
income tax consequences of an investment in the notes.
Trustee:
The Bank of New York Mel on (as trustee under an indenture dated November 13, 2013)
wil serve as trustee for the notes.
Use of proceeds and
The net proceeds received from the sale of the notes wil be used for general corporate
hedging:
purposes and, in part, in connection with hedging our obligations under the notes through
one or more of our affiliates.

Hedging activities related to the notes by one or more of our affiliates involved trading in
one or more instruments, such as options, swaps and/or futures, and/or taking positions
in any other available securities or instruments that we may wish to use in connection
with such hedging and may include adjustments to such positions during the term of the
notes. It is possible that our affiliates may profit from this hedging activity, even if the
value of the notes declines. Profit or loss from this hedging activity could affect the price
at which Citigroup Inc.'s affiliate, CGMI, may be wil ing to purchase your notes in the
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secondary market. For further information on our use of proceeds and hedging, see "Use
of Proceeds and Hedging" in the accompanying prospectus.
ERISA and IRA purchase
Please refer to "Benefit Plan Investor Considerations" in the accompanying prospectus
considerations:
supplement for important information for investors that are ERISA or other benefit plans
or whose underlying assets include assets of such plans.
Fees and selling
CGMI, an affiliate of Citigroup Inc. and the underwriter of the sale of the notes, is acting
concessions:
as principal and wil receive an underwriting fee of up to $15.00 for each note sold in this
offering. The actual underwriting fee wil be equal to up to $15.00 for each note sold by
CGMI directly to the public and
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Citigroup Inc.

wil otherwise be equal to the sel ing concession provided to selected dealers, as
described in this paragraph. CGMI wil pay selected dealers a sel ing concession of up to
$15.00 for each note they sel .

Additional y, it is possible that CGMI and its affiliates may profit from hedging activity
related to this offering, even if the value of the notes declines. You should refer to "Risk
Factors" above and the section "Use of Proceeds and Hedging" in the accompanying
prospectus.
Supplemental information
The terms and conditions set forth in the Amended and Restated Global Sel ing Agency
regarding plan of
Agreement dated April 7, 2017 among Citigroup Inc. and the agents named therein,
distribution; conflicts of
including CGMI, govern the sale and purchase of the notes.
interest:

The notes wil not be listed on any securities exchange.

In order to hedge its obligations under the notes, Citigroup Inc. has entered into one or
more swaps or other derivatives transactions with one or more of its affiliates. You should
refer to the section "General Information--Use of proceeds and hedging" in this pricing
supplement and the section "Use of Proceeds and Hedging" in the accompanying
prospectus.

CGMI is an affiliate of Citigroup Inc. Accordingly, the offering of the notes wil conform
with the requirements addressing conflicts of interest when distributing the securities of
an affiliate set forth in Rule 5121 of the Conduct Rules of the Financial Industry
Regulatory Authority, Inc. Client accounts over which Citigroup Inc., its subsidiaries or
affiliates of its subsidiaries have investment discretion are not permitted to purchase the
notes, either directly or indirectly, without the prior written consent of the client.

See "Plan of Distribution; Conflicts of Interest" in the accompanying prospectus
supplement for more information.
Paying agent:
Citibank, N.A. wil serve as paying agent and registrar and wil also hold the global
security representing the notes as custodian for The Depository Trust Company ("DTC").
Contact:
Clients may contact their local brokerage representative.

We encourage you to also read the accompanying prospectus supplement and prospectus, which can be accessed via the
hyperlink on the cover page of this pricing supplement.
Determination of Interest Payments

On each interest payment date, the amount of each interest payment wil equal (i) the stated principal amount of the notes
multiplied by the interest rate in effect during the applicable interest period, multiplied by (i ) (180/360). If we cal the notes
for mandatory redemption on a redemption date that is not also an interest payment date, the amount of interest included
in the payment you receive upon redemption wil equal (i) the stated principal amount of the notes multiplied by the interest
rate in effect during the applicable interest period, multiplied by (i ) (90/360).
Hypothetical Examples

The fol owing examples il ustrate how the payments on the notes wil be calculated with respect to various hypothetical
interest payment dates and redemption dates, depending on whether we exercise our right in our sole discretion to redeem
the notes on a redemption date or, if we do not redeem the notes prior to the maturity date, whether the interest payment
date is the maturity date. The hypothetical payments in the fol owing examples are for il ustrative purposes only, do not
il ustrate al possible payments on the notes and may not correspond to the actual payment for any interest payment date
applicable to a holder of the notes. The numbers appearing in the fol owing examples have been rounded for ease of
analysis.

Example 1: The interest payment date is on or prior to November 13, 2022 and either the interest payment date is
not a redemption date or it is a redemption date but we choose not to exercise our right to redeem the notes on
that date.

https://www.sec.gov/Archives/edgar/data/831001/000095010319015360/dp115823_424b2-230.htm
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