Note
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 Note Securities in respect of the common shares of IBM, a Reference Asset in the Reference Portfolio of the Note Securities. As such, the Initial Value of the common shares of IBM was adjusted as of the closing of the markets on November 3, 2021.