Note
On November 16, 2020, Pfizer Inc. (NYSE: PFE) (“Pfizer”) completed the transaction to spin-off its Upjohn division and combine it with Mylan N.V. (Nasdaq: MYL) to form Viatris Inc. (Nasdaq: VTRS) (“Viatris”), triggering a Potential Adjustment Event as per the terms and conditions of the market-linked GICs in respect of the common shares of Pfizer, a Reference Share in the Reference Portfolio of the market-linked GICs. As stockholders received common shares of Viatris, they were sold and reinvested in common shares of Pfizer. As a result, the Initial Value of the common shares of Pfizer was adjusted as of the closing of the markets on November 16, 2020. On April 5, 2022, AT&T Inc. (NYSE: T) (“AT&T”) completed the transaction to spin-off its WarnerMedia business. AT&T shareholders received common shares of Warner Bros. Discovery, Inc. (Nasdaq: WBD) (“WBD”). WBD is the result of the transaction to combine WarnerMedia with Discovery, Inc. (Nasdaq: DISCA, DICSB, DISCK). This event triggered a Potential Adjustment Event as per the terms and conditions of the market-linked GICs in respect of the common shares of AT&T, a Reference Share in the Reference Portfolio of the market-linked GICs. The Initial Value of the common shares of AT&T was adjusted accordingly as of the closing of the markets on April 11, 2022.
On November 3, 2021, International Business Machines Corporation (NYSE: IBM) (“IBM”) announced the completion of its separation from Kyndryl Holdings, Inc. (NYSE: KD) (“Kyndryl”). Starting on November 4, 2021, Kyndryl will be traded on the New York Stock Exchange under the symbol “KD”. IBM completed the spin-off of Kyndryl by the special distribution of one share of Kyndryl’s common stock for every 5 shares of IBM’s common stock held. This event triggered a Potential Adjustment Event as per the terms and conditions of the market-linked GICs in respect of the common shares of IBM, a Reference Share in the Reference Portfolio of the market-linked GICs. As such, the Initial Value of the common shares of IBM was adjusted as of the closing of the markets on November 3, 2021.